THE Philippines credit rating of “A-” with a “stable” outlook was affirmed by Japan Credit Rating Agency, Ltd. (JCR) on the back of the country’s “sustained economic growth.”
In a report, JCR said the country’s growth will be driven by solid domestic demand, low-level external debt and resilience to external shocks supported by accumulated foreign exchange reserves.
In 2025, JCR said the country’s economic growth is seen to remain in “the upper 5 percent range” despite uncertainties in external environment.
“JCR’s affirmation will support and strengthen investment from Japan, one of the Philippines’ most important partners. The BSP
By Cai U. Ordinario @caiordinario
(PSA) on Thursday. T
will continue to safeguard price and financial stability to boost the country’s resilience amid global headwinds,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said in a statement.
Finance Secretary Ralph G. Recto affirmed the government’s commitment to its fiscal consolidation agenda and Road-to-A strategy.
“This is very good news. It means credit rating agencies and investors continue to have strong confidence in our country,” Recto said.
Following the passage of the CREATE MORE Act and the Capital Markets Efficiency Promotion Act, Recto said the government will “continue to work on creating an investment-enabling environment to increase the country’s eco -
nomic growth potential.”
The rating agency also recognized the country’s progress in fiscal consolidation, noting the continued narrowing of the fiscal deficit ratios and a government debt-to-GDP ratio of approximately 60 percent by end-2024.
JCR also noted the passage of the Create More Act, which enhances the ease of doing business, clarifies the scope of value-added tax (VAT), rationalizes the VAT and excise tax refund system and streamlines income tax incentives.
These measures, the agency said, have strengthened the tax regime and improved the overall investment climate in the country.
However, JCR said reducing income disparity through rural de -
velopment and infrastructure development remains an important task that must be addressed.
JCR noted that with a population of approximately 113.9 million, the Philippines is considered the second largest Southeast Asian country. The country’s per capita GDP stood at $12,103 in purchasing power parity (PPP) terms in 2024.
The credit rating agency said the economy has benefited significantly from personal consumption, remittances, and the growth of fixed capital formation through infrastructure investments.
JCR also cited the country’s strong external position and ample foreign exchange reserves as well
By Andrea E. San Juan @andreasanjuan
LAWMAKERS are “ignoring the realities” by greenlighting the P200 across-theboard daily wage hike as this will only benefit about 10 to 16 percent of the workers in the country, leaving behind small merchants who will be forced to grapple with higher prices of goods once the wage hike is enacted, the head of the Employers’ Confederation of the Philippines (Ecop) said.
“What they are doing is actually ignoring the realities. The reality is increasing P200 minimum wage
and the President knows...this will only benefit about 10 to 16 percent of the workers,” ECOP President Sergio R. Ortiz-Luis Jr. told the BusinessMirror in a phone interview on Wednesday night.
The Ecop chief noted that the 84 to 90 percent of the workers “do not have employers who will increase their salary, so they are being left behind.” Ortiz-Luis expressed concern that the ones who might get left behind due to what he called a “salary scale distortion” are the farmers, fisherfolks, tricycle drivers, jeepney drivers, market vendors, small businesses, among others.
“No one will give salary to them so they will rely on the government,” he noted.
Ortiz-Luis also explained that even those belonging to the 16 percent in the formal sector, which would supposedly benefit from the wage hike, are “micro-industries.”
“Eight percent is small, 1 percent is medium, and less than 1 percent is large. The medium and large, they can afford it, but they are paying more than that. The micro, no way,” the Ecop chief also told this paper.
Many businesses struggle to pay even “just 13th month pay,” and sometimes seek assistance—or
exemption—and always “have to chase after funds for their payroll,” Ortiz-Luis said, partly in Filipino. The head of the umbrella organization for employers in the Philippines pointed out that once the mandated wage hike is enacted, the small enterprises would have to raise prices.
A consequence of having to increase the prices of goods may be the downsizing of businesses and job cuts.
“What will happen is those, because this is mandated, they will put up their prices. That is, if the market will still buy it. If not, they
Puregold received the awards for Hypermarket of the Year (Philippines) and Integrated Campaign of the Year (Philippines) at last night's Retail Asia Awards ceremony in Singapore. Left to right: Puregold senior marketing manager Ivy Hayagan-Piedad, Sonny Bautista, Lyle Gonzales and Jeng Galang from Republic Creative Creations, Inc. and Siddharth Pathak, Senior Partner & APAC Leader for Consumer and Retail Practice at Kearney. PUREGOLD
Slow inflation in April brings ‘major relief’ to Pinoys–DOF
By Reine Juvierre S. Alberto @reine_alberto
THElower-than-expected inflation recorded in April is a “major relief” for Filipino families, according to
Finance Secretary Ralph G. Recto.
“This is a very encouraging development and a clear sign that the Marcos Jr. administration’s efforts to stabilize food prices and improve supply chains are paying off, especially for our most vulnerable sectors,” Recto said on Thursday, after the Philippine Statistics Authority (PSA) said the inflation rate may have slowed to a 66-month low in May 2025 but food prices remain elevated.
PSA data showed inflation aver-
protein and iron increased significantly, pointing to an improving
aged 1.3 percent in May 2025, the slowest rate in 66 months or since the 1.2 percent posted in November 2019. In April, inflation averaged 1.4 percent while the rise in commodity prices averaged 3.9 percent in May 2024 (See: https://businessmirror.com.ph/2025/06/05/inflationslows-to-1-3-in-may-psa/).
However, core inflation which excludes volatile food and energy items remained at 2.2 percent in May 2025,
trend in dietary adequacy. Patterns in how people acquire food also emerged. Traditional markets and natural sources were visited most frequently, about two to three times a week, while grocery shopping or re-
the same rate it posted in April 2025 and March 2025. In May 2024, core inflation averaged 3.1 percent.
Although inflation continued to slow, Recto said the economic team “remains vigilant” of the upward price pressures of pork and fish.
The Finance chief assured the public that this will be reversed through an adequate supply of pork and the continued rollout of the African swine fever vaccine.
Short-term measures in ensuring a stable supply of pork include African Swine Fever (ASF) containment and plans for a nationwide ASF vaccination rollout, the DOF said.
The Department of Agriculture (DA) is also investing in livestock recovery by targeting swine repopulation, biosecurity and enterprise development, it added.
Meanwhile, fisherfolk in the West Philippine Sea will be supported as
ceiving food from banks and donations happened only once or twice a month.
When asked what influences their food choices, most respondents cited nutritional value (94.2 percent) and freshness (92.5 percent) as top pri-
the government will purchase local fishermen’s catch while also providing subsidies for fuel and rice.
Fish import permits will also be extended until June 2025 to augment the local supply.
To further sustain the inflation’s downward trend, the government is offering P20 per kilogram of milled rice to the members of vulnerable groups, including the 4Ps beneficiaries, senior citizens, persons with disabilities and single parents.
The P20 rice will be available in Kadiwa outlets and accredited small businesses in areas with high poverty rates.
Subsidies will also be provided to food-insecure households to combat undernutrition among families through electronic vouchers.
orities. Price followed closely, remaining a major concern for 82.2 percent of households.
Yet, despite this growing awareness of health and cost, more food is being wasted. The survey showed that from 20182019 to 2023, average household plate waste grew by 53 grams.
Rural families were the biggest contributors, especially in discarding rice, corn and vegetables.
The FNRI collected responses from 35,399 individuals nationwide—19,830 from rural communities and 15,569 from urban areas. They presented their findings during the National Nutrition Summit on June 5 in Makati City.
will dismiss people. If no options are left, they will close down,” he told this paper.
He described a legislated wage hike as “catastrophic,” adding that some expansion plans may not even push through.
“Many investors are jittery,” he said, adding that the “...loss of jobs” is a real risk.
Meanwhile, the Makati Business Club (MBC) cautioned that “This steep wage hike may have a tendency to trigger added inflation.”
“This wage rise represents 31 percent in Metro Manila, where the existing daily wage is P645. It’s 37 percent to 44 percent in Calabarzon, where the minimum wage ranges from P450 to P540,” Rafael Ongpin, MBC Executive Director, said in a statement on Thursday.
The business group said government’s focus “should be to bring prices of basic goods down, especially food.”
“If we don’t address the prices of basic goods, there will be continuing pressure to keep increasing wages, which is not only inflationary, but also makes us less competitive and productive versus other Asean countries; for example, Vietnam and Indonesia. This will result in making us less attractive for investors, and less job creation overall,” MBC said.
The group explained that it is not against wage increases but thinks this should be addressed by the regional wage boards, which take into account the cost of living in a particular area.
“There is no compelling reason for Congress to bypass these wage boards, as it has in this instance,” MBC said.
The Philippine Chamber of Commerce and Industry (PCCI), the largest business group in the country, said it “views with concern” the act of Congress to legislate a wage hike on two fronts.
in April 2025 and March 2025.
In May 2024, core inflation averaged 3.1 percent.
“In a way, we can see that depending on the movement of these other items in the food basket, it may go down or up in the month of June and then, we will also track our fuel because its input is substantial,” National Statistician Claire Dennis S. Mapa said in a briefing on Thursday.
“So, right now, we can really see...a continuous downward movement because there are other items that are actually increasing while most of the items are decreasing,” he added.
Among the items exhibiting increases were food items such as meat and other parts of slaughtered land animals, which increased 7.9 percent in May 2025, driven by expensive pork prices. This commodity group accounted for 203.3 percent or 1.4 percentage points of the country’s inflation during the period.
The PSA also said fish and other seafood posted an inflation of 5.7 percent in May 2025, a share of 98.1 percent or 0.7 percentage points of the country’s average inflation rate last month. The faster inflation was caused by more expensive fish such as bangus.
The data also showed milk, other dairy products and eggs posted an inflation of 4.9 percent in May 2025, contributing 45 percent or 0.3 percentage points to the country’s inflation rate in May 2025. The increase in inflation in this commodity group was driven by expensive eggs.
For the bottom 30 percent, whose average inflation was zero percent in May, still saw pork prices increase by 11.7 percent; chicken, 8.1 percent; and vegetable prices such as tomato which increased by 15 percent and onions, 19.7 percent.
The wage hike leads to higher labor costs, “consequently” resulting in higher costs of goods and services, and inflation, it said.
Even as the benefit will only be enjoyed by workers in the formal sector, PCCI said: “The inflationary effect will erode purchasing power negating the wage hike’s intended benefit.”
“This will bear down more on workers in the informal sector who are not bound by the minimum wage law,” it also noted.
Illustrating the potential impact of the wage hike, PCCI explained that increased operational expense “lends the risk of closure of smaller enterprises, reducing further the number of jobs in the formal sector.”
The group said the unilateral wage hike also “sets a precedent that undermines the Regional Wages and Productivity Board, which was created primarily with the function to determine and set region-specific wages based on the local cost of living.” It explained that the setting of minimum wages take into account the differences in the cost of living across regions as well as the unique needs of businesses based on specific industry, location, and type of labor they need.
“Legislating a single wage for all areas can harm businesses in lowercost regions and removes the flexibility of the RWBs to set wages that are aligned with the situation in the local areas,” PCCI noted.
The group is hoping that the bicameral conference committee will consider the position of the business sector and adopt a “comprehensive approach” that balances the needs of workers with the capacity of businesses and ensure that MSMEs continue to thrive while still providing fair wages.
The bicameral panel is seen to face tough debates, because of the big variance between the amount approved by the Senate, at P100, and the House’s P200—which it suddenly passed on third reading last Wednesday, after sitting on it for almost a year.
“First, the unilateral wage hike was done without consideration of the impact it will have on the economy—on the price of goods and services, on those working in the informal sector who account for about 50 to 60 percent of the population, and on the micro and small enterprises (MSEs) that comprise 96 percent of the total number of enterprises in the country,” PCCI said in a statement on Thursday.
Rice was the main drag in the zero percent average inflation experienced by the Bottom 30 percent of households because it has the largest weight in the Consumer Price Index (CPI) of the poor at 17.87 percent versus the 8.87 percent weight in the CPI of all income households.
“Yung zero percent as a whole group, the basket of commodities, pero may mga increases naman, may mga decreases din Nag-average lang siya at zero percent. Particularly, ang mataas na nag-contribute dito on the negative side of course are the food items, particularly cereals (which includes rice),” Mapa said.
Meanwhile, the national government said the latest inflation print supports the administration’s aim of protecting Filipino’s purchasing power and attaining its inflation targets this year.
In a statement, the Department of Economy, Planning, and Development (DEPDev) said the slowdown in the country’s headline inflation shows progress toward easing price pressures and achieving a more stable cost of living for Filipinos.
“We are encouraged by this development. It reflects the success of our sustained efforts to protect the purchasing power of Filipinos and ensure a more affordable cost of living,” said DEPDev Office-in-Charge and Undersecretary for Policy and Planning Rosemarie G. Edillon.
The Bangko Sentral ng Pilipinas (BSP) said the latest inflation outturn is consistent with the BSP’s assessment of a manageable inflation environment over the policy horizon with a downward revision in baseline inflation forecasts, aided primarily by the continued easing of commodity price pressures.
Nonetheless, the slowdown in inflation was due to slower price increases for non-food items. Lower electricity rates and rollbacks in the prices of domestic petroleum products brought down nonfood inflation.
“Food inflation was unchanged in May. Rice prices continued to decline owing to lower international prices, ample
supply amid the ongoing dry season harvest, and direct government measures to stabilize prices. However, this was offset by higher prices for fish, fruits and nuts, vegetables, and meat,” BSP said. DepDev said the administration is affirming its commitment to implement targeted policies to mitigate inflationary pressures and safeguard the purchasing power of Filipino families.
“We remain committed to executing the necessary measures to keep prices low and stable. With this, we are optimistic about the government meeting its headline inflation target of 2 to 4 percent for the year,” Edillon said.
The Food and Drug Administration (FDA) and the Department of Agriculture (DA) are strengthening collaboration to ensure the availability of safe and effective animal vaccines amid ongoing African Swine Fever (ASF) and Avian Influenza outbreaks. The Bureau of Animal Industry is assessing the controlled ASF vaccination campaign. The DA and the Food and Drug Administration remain optimistic that a commercial rollout of the ASF vaccine is possible before yearend. The DA also extended to the end of June 2025 the deadline for issuing fish import permits to give importers more time to comply with the revised guidelines. The guidelines were amended to enhance the timeframe and product coverage, ensuring the availability of supplies in the source countries. With this, the DA expects the adjustment to encourage full utilization of the approved import volume.
The DA also launched the Benteng Bigas Meron Na program on May 15, 2025, to improve access to affordable rice by offering P20/kg milled rice from the National Food Authority (NFA) to vulnerable groups such as the 4Ps beneficiaries, senior citizens, persons with disabilities, and single parents. To date, the P20/kg rice is available in Kadiwa Centers in Metro Manila, Cebu, Bulacan, Cavite, Laguna, Mindoro, and Rizal. Phases 2 and 3 will be implemented in July and September, covering more areas across Visayas and Mindanao.
Artist groups oppose more powers for MTRCB
SOME of the country’s leading groups of artists and performers are waging a last-ditch campaign to oppose a bill expanding the powers of the Movie and Television Review and Classification Board (MTRCB), which the Senate approved on third and final reading on June 2.
In social media posts late Wednesday, the multisectoral groups warned that the bill grants the MTRCB far too sweeping powers that infringe on the constitutional rights to freedom of expression.
The Directors Guild of the Philippines said the SB 2805 allows the MTRCB to “extend its censorship jurisdiction into the online streaming spaces of our private homes, personal computers, phones and devices.”
The bill, added DGPI, takes out the current law’s intentions for selfregulation of the film-television industries “and converts the MTRCB into a par ens patriae [par ent of the country], concentrating instead on its self-anointed role as guardian of public morals,” which the group described as a “narrow reading of the State’s protective function.” Meanwhile, the DGPI said that it supports the classification model (GPG, R) which is used to control access of minors, or guide parents in deciding what minors may see.
However, DGPI rejected the retention of the “X” rating which “bans exhibition or provocative or unorthodox content to adults who have the right to decide what they should or should not see.”
Senate Deputy Minority Leader Anna Theresia “Risa” Hontiveros, who cast the lone “No” (against 21 senators voting in the affirmative), had made similar arguments in her explanation of vote.
“I voted ‘no’ to the bill expanding the authority of MTRCB since it grants the MTRCB overly broad powers to censor even speech protected by the 1987 Constitution, and even material not meant for theatrical distribution,” said Hontiveros.
“We can be specific about the materials we should protect people from—media that, by their mere showing, constitute violations of law, including: RA 7610 or the Special Protection of Children Against Abuse, Exploitation and Discrimination Act, RA 11930 or the Anti-Online Sexual Abuse or Exploitation of Children (Osaec) and Anti-Child Sexual Abuse or Exploitation Materials (Csaem) Act, and RA 9995 or the “Anti-Photo and Video Voyeurism Act of 2009.
“Iyan ang dapat kalaban ng [Those ar e the things that] MTRCB [should wage war on].” Beyond these, said she said, the MTRCB should err on the side of freedom, in following the constitutional mandate.
The MTRCB should not be focused on the “general” categorizations of “contrary to good morals,” “injurious to the prestige of the Philippines”, or “undermine the faith and confidence of the people in their government.”
Hontiveros also asserted that “the regulation of digital services and online content, should be carefully done with legislation crafted specifically for this purpose, a t hindi lamang add-on sa [and not just an add-on to] MTRCB.
“The voice and the art of Filipinos— offline or online—is a power owned by the people, and protected by the Constitution. Any move regulating this should never be excessive,” she added.
The House of Representatives has not yet acted on the counterpart measure.
After the Senate’s approval last June 2 of Senate Bill 2805 amending the agency’s charter, the MTRCB issued a statement saying it respects the legislative process and will implement whatever changes are approved by Congress and enacted into law.
“We respectfully defer to the wisdom of our lawmakers on the matter. Whatever is ultimately approved by Congress and the President, we will implement it,” the Board said. Butch Fernandez
‘Require Meta to have legislative franchise’
CALLING for stricter regulation of social media giants, a leader of the House of Representatives on Thursday proposed that Meta, the parent company of Facebook and Instagram, be required to secure a congressional franchise to legally operate in the Philippines.
During a hearing of the House TriCommittee investigating fake news and online disinformation, the vice chairman of the House Committee on Information and Communications Technology, Surigao del Sur Rep. Johnny Pimentel slammed Meta for failing to remove content that had been officially confirmed as false by government agencies, as well as for its alleged failure to comply with tax laws.
“Mr. Chairman, I totally agree with the observation of Secretary Jay that we are at the mercy of Meta platforms,” said Pimentel, referring to Presidential Communications Office (PCO) Secretary Jay Ruiz. He cited a specific instance where Meta ignored the Philippine government’s request to take down a fake memorandum falsely attributed to Executive Secretary Lucas Bersamin.
“Imagine that, Mr. Chairman. The government itself requested Meta to remove fake news about a supposed memo
from ES Bersamin, yet they didn’t even bother to act on it,” Pimentel said. The lawmaker further criticized Meta’s operations in the country, pointing out that it neither pays the appropriate taxes nor complies with local regulatory standards.
“Meta isn’t even paying taxes here. We’ve been asking them to self-regulate, but clearly they aren’t listening,” he said. Pimentel argued that if Meta cannot self-regulate, the Philippine government must step in and impose necessary controls, starting with a congressional franchise requirement.
He emphasized that with over 90 million users, the Philippines is one of Meta’s largest markets in Southeast Asia, yet the platform’s priorities appear to be purely profit-driven.
“With over 90 million users, the Philippines is probably Meta’s biggest market in Southeast Asia, yet they seem focused only on their profits,” he said.
“It’s time to study whether they should be required to secure a franchise from Congress before being allowed to operate.”
Meanwhile, Ruiz recounted how Meta refused to take down the same fake memo, despite a formal certification
See “House,” A4
‘Senators cannot lawyer for Sara’
By Butch Fernandez @butchfBM & Joel San Juan @jrsanjuan1573
AVETERAN lawyer on Thursday reminded senators toying with the idea of moving to dismiss the impeachment case against Vice President Sara Duterte of a basic legal principle: The judge cannot be lawyer for any party.
“No senator-judge in the present impeachment case against Vice President Sara Duterte can take the cudgels up for her by filing a Senate Resolution seeking the outright dismissal of the case. If Duterte wants the case dismissed for lack of jurisdiction, she must personally file the necessary motion. She cannot rely on any assistance or intervention from senators who will eventually sit as judges in the impeachment trial,” said Romulo Macalintal in a statement sent to the BusinessMirror
“The role of the senators in an impeachment case is to hear and decide the case and not to defend any party, but to resolve the issues presented before them by the parties involved,” the lawyer added.
Macalintal was reacting to Wednesday’s developments, when Sen-elect Panfilo Lacson confirmed the existence of an “unnumbered, unauthored draft” resolution by senators seeking to dismiss the impeachment complaint as soon as it is officially presented to the Senate plenary by House prosecutors on June 11.
Later in the day, Sen. Ronald dela Rosa, a loyalist of Sara’s father, former President Rodrigo
Duterte, admitted that the draft was done by his office. He added, though, that there were at least three more versions of a similar motion—all seeking to “functionally dismiss” the complaint on the ground of lack of material time for the 19th Senate to conduct the trial.
Those pushing the motion are expected to invoke the legal argument of Majority Leader Francis Tolentino that the 20th Senate, which assumed office on June 30, cannot continue the trial begun by the 19th Senate.
Those who argue otherwise, also invoking local and US jurisprudence, are the two minority members—Aquilino Pimentel Jr. and Anna Theresia “Risa” Hontiveros, Senate President Francis Escudero and former Senate President Franklin M. Drilon, himself a veteran lawyer who participated in the impeachment trials of then President Joseph Estrada and Chief Justice Renato Corona. They said that it is only the legislative functions of the Senate that cannot be carried over to the next one. But its persona as an impeachment court is separate, and, akin to other courts where the duties of conducting a trial continue even
when the composition of judges or magistrate is altered.
Duty to sit as judge
MACALINTAL said in opposing any motion by any senator to move to dismiss the impeachment case, no one among the senators can actively move to dismiss such because they are the judges in the impeachment trial.
“In the 2011 case of Tongko v Manufacturers Life Insurance, the Supreme Court emphasized that ‘the court, and all adjudicators for that matter, cannot and should not fill in the evidentiary gaps in a party’s case that the party failed to support; we cannot and should not take the cudgels up for any party, for our duty is to sit as a judge in the case.’”
The same principle applies to senator-judges, Macalintal stressed. “Their constitutional mandate is to decide the impeachment case—not to side with either party.”
Macalintal warned that “allowing any senator-judge to file a resolution dismissing Duterte’s impeachment case would create a constitutional absurdity: it would cast the Senate in three incompatible roles—as complainant [senators filing and supporting the resolution], as prosecutor [defending the resolution], and as judge ][deciding on the case]. Such a scenario violates the fundamental principle of fairness and impartiality required in all judicial proceedings.”
Proceed with trial
AT least 97 faculty members of the University of the Philippines College of Law yesterday called on the Senate to proceed with the impeachment trial of Duterte and let the “truth unfold” in connection with the allegations against her.
In an open letter, the faculty members stressed that their call
does not mean that they believe in the charges lodged against Duterte, but merely to give the public the opportunity to see and weigh the evidence to be presented by the parties.
“While every initiation of impeachment is understandably controversial if not divisive, the people eventually congregate around the Impeachment Court to find ‘the truth, the whole truth, and nothing but the truth’ about serious disqualifying allegations against its highest public servants,” the letter read. The open-letter came a day after a draft resolution to junk the impeachment case of the vice president circulated on social media.
The members of the UP Law faculty also expressed their concern over moves to preemptively dismiss the impeachment case, saying that this is tantamount to abandonment of the Senate’s tradition as an august chamber and permanently alter the system of checks and balances and an abdication of its constitutional role in impeachment.
They added that the Senate has a constitutional mandate to “forthwith proceed” with the impeachment and that the question of whether the trial should continue after the Senate adjourns sine die should not be preempted by the 19th Congress but should be left to the 20th Congress.
“For the Senate to decide for the 20th Congress would be undemocratic contrary to the very rationale underlying the ‘noncontinuing body argument,” they pointed out.
“A premature dismissal will undermine the core democratic principles of checks and balances. In contrast, proceeding with the impeachment trial will uphold the Senate’s constitutional mandate on public trust and accountability,” it added.
Congressmen to Escudero: No blind obedience at House
By Jovee Marie N. dela Cruz @joveemarie
CONGRESSMEN on Thursday defended the House of Representatives, asserting that its strength lies in mutual respect and trust—not in blind obedience.
Lawmakers made the statement in response to Senate President Francis Escudero’s remarks implying that House members merely follow Speaker Ferdinand Martin Romualdez without exercising independent judgment.
House Assistant Majority Leader Jay Khonghun said such comments are unfair and fail to recog -
Herbosa asks Cabinet to meet on HIV spread
PRESIDENT Marcos and the Cabinet are set to tackle the proposed declaration of a national public health emergency and legislative reforms to stop the spread of human immunodeficiency virus (HIV), according to the Department of Health (DOH).
In a press briefing in Malacañang on Thursday, Health Secretary Teodoro J. Herbosa disclosed that he has sent a request to the Palace for a Cabinet meeting on the recommended national public health emergency of the Philippines National AIDS (Acquired immunodeficiency syndrome) Council.
“In fact, our meetings with the Cabinet are already scheduled –they are just being postponed. Many times they have been post -
poned because we have many other issues,” Herbosa said in Filipino. The declaration, he said, will enhance the national strategy for HIV, which has grown by an alarming 500 percent for those in the 15 to 25 age group from 2010 to 2023.
DOH was also able to record 57 new HIV cases from January to March,the highest in the Western Pacific Region during the period.
DOH attributed the spike in HIV cases to the accessibility of pornography, and the prevalence of people engaged in unprotected sex and risky sexual behavior.
With the said trend, Herbosa said they started intensifying their efforts to reduce HIV new cases in the last six months.
“President Marcos has ordered
that the provision of this service be facilitated through faster processing at major hospitals visited by people living with HIV,” he said.
Among their new programs for HIV patients in the San Lazaro Jospital and the Dr. Jose Fabella Memorial Hospital in Manila to set their consultation dates and when to pick up their free maintenance antiretroviral (ARV) drugs to manage their HIV symptoms.
“HIV is no longer a death sentence these days. You just need to consult for testing and screening maintenance,” Herbosa said.
He assured the government has sufficient supply of ARV drugs for the possible increase in the number of HIV patients, who will avail of it. Samuel P. Medenilla
nize how Romualdez leads, which is with consensus, not control.
“There’s no blind following in the House. We work as a team because we trust each other, and we believe in the Speaker’s leadership. He doesn’t force us—he lets us decide based on our own principles and perspectives.”
Khonghun, who represents Zambales, said Romualdez’s style of leadership has encouraged open dialogue and mutual respect among lawmakers. He pointed to the House’s impressive legislative output as proof, noting that nearly all of the priority measures under the Legislative-Executive Development Advisory Council (Ledac)
AFP, USIndopacom conducts 7th MCA
By Rex Anthony Naval
UNITS from the Armed Forces (AFP) and the US Indo-Pacific Command (USIndopacom), together with a Coast Guard (PCG) ship on Wednesday conducted the seventh bilateral maritime cooperative activity (MCA) at the West Philippine Sea (WPS).
In a statement, the AFP said the training activity aimed to strengthen cooperation and interoperability in maintaining regional peace and stability in WPS, as well as good order at sea in accordance with international law.
“A highlight of this iteration was the fire support rehearsal involving the US 3rd Marine Littoral Regiment based in Subic. This serial tested joint coordination in a littoral combat environment, integrating forward observers, command and control
See “AFP,” A4
and President Marcos’ Common Legislative Agenda have already been approved by the House. Her clarified that unity doesn’t mean uniformity in thought, but a shared commitment to the same goals.
Like other lawmakers, Manila Rep. Rolando Valeriano clarified that he represents only his own legislative district and no one else.
He explained that when he voted in favor of Vice President Sara Duterte’s impeachment last February, he did so solely as the representative of Manila’s Second District. Valeriano emphasized that his
LEADERS of the House Tri-Committee on Thursday called for the immediate passage of laws to combat the weaponization of fake news and social media propaganda, warning that disinformation is now being used to attack Philippine sovereignty and promote the interests of foreign powers such as China.
During a hearing, the chairman of the House Public Order and Safety, Laguna Rep. Dan Fernandez, emphasized that false narratives surrounding the West Philippine Sea are a form of foreign interference aimed at weakening the country’s territorial claims.
“Our hearings have shown that we are facing a silent but dangerous form of invasion,” Fernandez said. “This invasion comes in the form of disinformation and false narratives that align with China’s interests regarding the West Philippine Sea and Palawan.”
He warned that instead of using traditional warfare, China is leveraging social media to spread distorted information, revise historical facts, and confuse the public.
“They use misinformation to deceive our
decision was independent and not influenced by Romualdez. House Deputy Majority Leader Paolo Ortega also emphasized that lawmakers’ decisions should be guided by the beliefs and interests of their constituents.
“We are not being dictated to. The Speaker is our source of inspiration, our mentor, and our guiding light. He leads us in the House, but he has made it clear that he is leaving the matter to the sound discretion of the Senate,” Ortega, who represents La Union, said.
“The Speaker has not instructed us to take any particular action— that’s simply not true,” he added.
minds, distort our history, and undermine our legitimate rights over our own waters,” Fernandez said. “This propaganda seeks to weaken our resolve, divide public opinion, and normalize their illegal presence in our maritime territory.” Fernandez also pointed out that Filipino vloggers and influencers are being used as tools to amplify pro-China narratives.
“Instead of standing up for the national interest, some are using their platforms to spread messages that favor China,” he added. He noted that the joint committee will soon release a report containing concrete policy recommendations to address the growing threat.
Meanwhile, Agusan del Norte Rep. Jose Aquino II, chairman of the House Committee on Public Information, emphasized the urgent need for legislation that will hold purveyors of disinformation accountable and strengthen digital literacy among Filipinos.
“Truly, the rampant spread of online
Households should feel low inflation–Romualdez
WHILE he welcomed the further decline in inflation to 1.3 percent in May 2025, Speaker Ferdinand Martin G. Romualdez on Thursday said this good news should translate into tangible relief for Filipino households.
Romualdez said that economic progress should be measured by its impact on ordinary lives.
“It may sound simple, but this has a huge impact on family expenses. When prices remain stable, it’s easier to provide for the family. It eases the burden—there’s money for rice, transportation, electricity, and medicine. Thanks to the programs of President Ferdinand Marcos, families no longer have to sacrifice essential needs,” Romualdez said.
Romualdez added that the House is ready to work closely with the executive branch “to sustain low inflation, promote inclusive growth, and ensure that no Filipino is left behind in the country’s economic recovery.”
“It’s our job in Congress to make sure economic gains are felt by every
Mixed
TFilipino. This is not just about numbers; it’s about real outcomes that improve daily life,” he said.
The Philippine Statistics Authority (PSA) reported that inflation slowed to 1.3 percent in May from 1.4 percent in April, bringing the year-to-date average to 1.9 percent—well within the Bangko Sentral’s (BSP) target range of 2 to 4 percent. It is also the lowest monthly inflation rate recorded in more than five years.
Romualdez also highlighted that inflation for the country’s poorest 30 percent of households effectively hit zero in May, reflecting the government’s success in insulating the most vulnerable from rising costs.
“This isn’t just about charts or graphs. This is about the question every parent asks: Is our income enough to get us through the week? Right now, the answer is a little more hopeful than before,” said Romualdez.
The PSA cited the easing of price increases in housing, electricity, gas, and water—up by only 2.3 percent—as major contributors to the slowdown. Food inflation remained low at 0.7 percent, a sharp
drop from 6.1 percent in May 2024. Transport costs continued to decline, and core inflation—which excludes food and energy—remained steady at 2.2 percent.
Romualdez credited President Marcos and the country’s economic managers for their strategic and consistent approach to controlling inflation.
“In Congress, we are working on laws that will lower rice prices, support our farmers, and make basic goods and services more affordable. We can’t be complacent just because inflation is low this month. The goal is lasting relief,” he said.
Among the House’s key priorities are amendments to the Rice Tariffication Law, the restoration of the National Food Authority’s regulatory functions, and longterm investments in agriculture and food logistics.
Focus THE chairman of the House Committee on Ways and Means, Albay Rep. Jose Clemente “Joey” Sarte Salceda said the continued drop in inflation to 1.3 percent in May 2025 gives the government the
opportunity to act with focus and urgency.
He emphasized that this stability should be leveraged in crafting a national budget that promotes food security, inclusive growth, and tangible outcomes.
“We may not be able to increase total spending significantly, but we can spend faster and spend better. With inflation stable, the next step is a good budget. It must be focused, it must move quickly, and it must deliver results that people feel,” Salceda said.
He outlined five key priorities for the 2026 national budget: food security, support for small businesses, strategic infrastructure projects, timely fund releases, and credible investments in national defense.
Salceda noted that with inflation stable, the government has more room to act decisively without adding price pressures.
“This is the kind of environment where smart public spending can do the most good. We have the tools. We have the momentum. Now we need a budget that makes it count,” he said.
price adjustments for June power rates
By Lenie Lectura @llectura
HE Manila Electric Company (Meralco) said on Thursday the billing components for June power rates have initially shown mixed price adjustments.
The power distribution company said transmission charge may have gone up during the supply month of May. “Initial information shows a possibility of an increase in the transmission charge due to a possible uptick in Reserve Market prices for the May supply month in comparison with the previous month
based on publicly available data,” Meralco said.
Reserve Market prices affect the ancillary service charges of the transmission grid operator which are passed on to consumers.
“We are still waiting for all the final billings from our suppliers for the computation of power rates for the June billing period,” Meralco added. The utility firm will announce the final rates soon.
Meanwhile, the company is hoping that generation charge, which is the largest component of an electric bill, remains flattish and that there will be no significant movement for
the June billing month following the significant decrease last May.
“Should there be any increase, we hope that this could be mitigated by lower prices from the Wholesale Electricity Spot Market [WESM] as announced by the spot market operator,” added Meralco.
The Independent Electricity Market Operator of the Philippines (Iemop) said last week that WESM prices in May to went down P4.01 per kilowatt hour (kWh) from P4.52 per kWh in April as a result of higher supply.
WESM said, this supply-demand level resulted in an increased margin
Raw sugar output increases to 1.96 MMT
LOCAL raw sugar output in the current crop year has reached 1.96 million metric tons (MMT) in May, exceeding the previous crop year’s production.
Data from the Sugar Regulatory Administration (SRA) showed that raw sugar production as of May 25 was 1.72 percent higher than the 1.92 MMT output in the previous crop year.
DOF, DTi eye faster entry of strategic investments
By Reine Juvierre S. Alberto @reine_alberto
THE Department of Finance (DOF) and the Department of Trade and Industry have issued a joint memorandum circular (JMC) which seeks to fast-track the entry of strategic investments in the country by streamlining procedures.
In a statement, the DOF said it signed the JMC titled “Strengthening the Coordination Mechanism Between and Among the Investments Facilitation Network Members and Integration of the Provisions of Executive Order 18, series of 2023” with key government agencies on June 2.
The DOF said the initiative falls within President Marcos’ instructions to “roll out the red carpet for investors by creating a seamless, business-friendly environment in the country.”
Undersecretary Charlito Martin R. Mendoza represented Finance Secretary Ralph G. Recto during the ceremonial signing.
A key feature of the JMC is the One-Stop Action Center for Strategic Investments (Osac-SI), which will serve as the main entry point for these applications and coordinate with the relevant agencies.
The Osac-SI will facilitate the
of 4,945 megawatts (MW), up from 4,585 MW in April 2025. Consequently, market prices dropped by 11.2 percent.
“The price trend from April to May 2025 showed a decline, in contrast to the same period in 2024, where prices increased. This difference was due to a higher supply margin in May 2025,” Iemop said. Meralco is hoping though that the continued implementation of the P19.96 billion refund, which was approved by the Energy Regulatory Commission (ERC), will help mitigate possible increases in power bill components.
Continued from A3
from the Department of Information and Communications Technology’s (DICT) Cybercrime Investigation and Coordinating Center (CICC) declaring it false.
“They refused to remove it. Their excuse was that it falls under freedom of expression and that each user is responsible for their own account,” Ruiz said.
“But they’re not even based here, they’re not paying taxes, and they still won’t act against fake news,” he added.
Ruiz cited Singapore’s example, where social media platforms are fined up to 6 percent of their profits for spreading disinformation, as a model worth studying.
He also warned of the grave implications
application and registration of project proponents for Green Lane in coordination with the appropriate government agency. Meanwhile, the Investment Facilitation Network (INFA-Net), a group of 38 government agencies, will also be instituted.
The Department of Trade and Industry-Board of Investments will chair the Infa-Net, while the Anti-Red Tape Authority will be the co-chairman.
The network will streamline investment-related processes such as the issuance of permits, licenses, certifications or authorizations.
The JMC also covers strategic investments with national significance and integrates the provisions of Executive Order 18, particularly the guidelines on Green Lane applications of projects.
“The signing of this JMC is a strong signal that we are serious about cutting red tape, improving the ease of doing business, and making the Philippines a more attractive destination for investors,” Recto was quoted as saying.
“With this JMC in place, along with the CREATE MORE Act, our message is simple: we want you to invest here, and we will make it easier for you to do so,” Recto added.
of unchecked fake news, especially during elections.
“Eventually our people will no longer decide based on informed decisions but based on lies. We agree that there is a right to information, but that right should be accurate information,” Ruiz said.
Laguna Rep. Dan Fernandez, TriCom chairman, echoed Pimentel’s call and urged swift executive action to certify as urgent the bills the 20th Congress is expected to file.
“We need the President’s intervention to expedite these proposed laws. It could take a year or so, but we need to start now,” Fernandez said. The House Tri Com is currently consolidating legislative proposals aimed at bolstering the government’s regulatory authority over social media platforms, particularly to combat the growing threat of disinformation. Jovee Marie N. dela Cruz
SRA Administrator Pablo Luis Azcona attributed the output growth to the increase in sugarcane tonnage per hectare planted, which offset the low sugar content produced per ton of cane.
Total sugarcane milled as of end-May reached 24.21 MMT, around 12 percent higher than the 21.49 MMT recorded in the previous year.
The current raw sugar output has also surpassed the 1.84 MMT revised production forecast by the SRA for the crop year 2024-2025. The current crop year is set to end on August 31. Earlier, the SRA expected raw sugar production to settle at 1.78 MMT, with the initial downbeat outlook taking note of the devastation suffered by sugarcane plantations due to the El Niño phenomenon last year. Currently, raw sugar output in the crop year is the highest in three years or since the 1.82 MMT recorded in crop year 2021-2022, based on historical data.
Yield for sugarcane shrank by 9 percent to an average of 1.63 LKGTC (50-kilo bag per ton of cane) from 1.8 LKGTC a year earlier, based on SRA data.
“We are ending on a positive note and we can attribute this to the effort of this administration to prioritize research through development and propagation of new SRA sugarcane varieties, improving soil condition, irrigation, and even changing the sugarcane cropping calendar to better suit the climate are now paying off,” Azcona said in a statement.
“Fair farmgate prices encouraged farmers to risk replanting their El Niño damaged canes, using new SRA varieties as they were hopeful that prices would eventually make up for the very high cost of production,” he added.
Data further indicated that sugarcane areas in the current crop year reached 392,356 hectares, from the 388,378 hectares recorded in the previous crop year. Ada Pelonia
disinformation is a problem that breeds more problems. It distorts reality, fosters distrust, fuels hatred, and sows confusion across our society,” said Aquino. Aquino called for equipping government agencies with mandates and powers to enforce accountability.
Surigao del Sur Rep. Johnny Pimentel, vice chairman of the House Committee on Information and Communications Technology, recounted his own experience with fake news during a previous election cycle.
He called on fellow lawmakers and stakeholders to focus on practical, longterm solutions for a healthier information ecosystem.
“We are not here to stifle free speech, but rather to foster an informed public discourse,” he said. “We must work together to cultivate a media landscape that empowers individuals, encourages critical thinking, and upholds the truth.”
Jovee Marie N. dela Cruz
elements, and fire support platforms for a smooth maritime operational effectiveness,” it added.
Additional exercises conducted included communications check exercises, division tactics and officer of the watch maneuvers, photo exercises, and a final exercise, all designed to enhance interoperability for maritime domain awareness and targeting reconnaissance capability.
The AFP also said the seventh MCA marked a milestone for the Navy (PN) with the participation of BRP Mi guel Malvar (FFG-06) on its first oper ational deployment since commissioning last May 20.
“The mission provided a valuable opportunity to evaluate the ship’s performance in a multilateral environment and assess its readiness to operate alongside
its partner nation, reaffirming its vital role in enhancing the AFP’s maritime capabilities,” it added.
Beyond defense training, the MCA also supports broader objectives, including capacity building and humanitarian assistance and disaster response preparedness, with the participation from the Air Force (PAF) search-andrescue assets and the Coast Guard’s (PCG) BRP C abra (MRRV -4409). These efforts directly contribute to the AFP’s ability to carry out its mandated tasks more efficiently and with greater responsiveness.
“The MCA is a demonstration of both nations’ resolve to deepen cooperation and enhance interoperability in line with international law, particularly the United Nations Convention on the Law of the Sea. As regional dynamics evolve, the MCA underscore the importance of working together to safeguard peace, stability, and a rule-based international order in the Indo-Pacific Region,” the AFP said.
Jovee Marie N. dela Cruz
Editor: Angel R. Calso
Trump says Putin vows response to Ukraine drone attack; Zelenskyy urges more pressure on Russia
By Hanna Arhirova & Michelle L. Price The Associated Press
WASHINGTON—US
President Donald Trump said Russian President Vladimir Putin told him “very strongly” in a phone call Wednesday that he will respond to Ukraine’s weekend drone attack on Russian airfields as the deadlock over the war drags on.
Trump said in a social media post that his lengthy call with Putin “was a good conversation, but not a conversation that will lead to immediate Peace.”
It’s the first time Trump has weighed in on Ukraine’s daring attack inside Russia. The US did not have advance notice of the operation, according to the White House, a point Trump emphasized during the call with Putin, according to Putin’s foreign affairs adviser.
The call comes as the US leads a diplomatic push to broker a peace deal following nearly 3½ years of war.
Trump, in his post, did not say how he reacted to Putin’s promise to respond to Ukraine’s attack, but it showed none of the frustration that Trump has expressed with his Russian counterpart in recent weeks over his prolonging of the war.
Yuri Ushakov, Putin’s foreign affairs adviser, said at a briefing that the two leaders characterized the call as “positive and quite productive.”
“I believe it was useful for Trump to hear our assessments of what happened,” Ushakov said, noting that the discussion of the attacks was one of the key topics.
Zelenskyy responds to TrumpPutin call UKRAINIAN President Volodymyr Zelenskyy said on social media: “Many have spoken with Russia at various levels. But none of these talks have brought a reliable peace, or even stopped the war. Unfortunately, Putin feels impunity.”
The Ukrainian leader urged more pressure on Russia and said that Putin’s planned response “means, that with every new strike, with every delay of diplomacy, Russia is giving the finger to the entire world—to all those who still hesitate to increase pressure on it.”
The sentiment was echoed by top Zelenskyy adviser Andrii Yermak, who said at a briefing in
Washington that Russia understands strength and doesn’t have the political will to end the war.
But that “does not mean Ukraine closed the door to continue the negotiations,” said Yermak, who was part of a Ukrainian delegation that met with lawmakers, Secretary of State Marco Rubio, special envoy Steve Witkoff and other officials in the US this week.
Trump has repeatedly promised to end the war quickly but lost patience in recent weeks, publicly pleading with Putin to stop fighting and even saying the Russian leader “has gone absolutely CRAZY.”
Trump, however, has not committed to backing a bipartisan push to further sanction Russia.
The call was Trump’s first known talk with Putin since May 19. They also discussed, according to Trump and Ushakov, Iran’s nuclear program and the possibility of Russia engaging in talks with Tehran.
It was not clear if Trump also planned to speak with Zelenskyy. The White House did not respond to a message Wednesday afternoon.
Zelenskyy and Putin weigh in on the state of talks
THE Ukrainian leader earlier Wednesday dismissed Russia’s conditions for a ceasefire as “an ultimatum” and renewed his call for direct talks with Putin to break the stalemate.
Putin, however, showed no willingness to meet with Zelenskyy, expressing anger Wednesday about what he said were Ukraine’s recent “terrorist acts” on Russian rail lines in the Kursk and Bryansk regions on the countries’ border.
“How can any such (summit) meetings be conducted in such circumstances? What shall we talk about?” Putin asked in a video call with top Russian officials.
Putin accused Ukraine of seeking a truce only to replenish its stockpiles of Western arms,
recruit more soldiers and prepare new attacks.
He also spoke Wednesday to Pope Leo XIV, who has promised to make “ every effort “ to help end the war.
Leo urged Putin to make a gesture that would promote peace and stressed the importance of dialogue, the Vatican said.
Russia and Ukraine had exchanged memos setting out their conditions for a ceasefire for discussion Monday in Istanbul, the second direct meeting in just over two weeks.
Russia and Ukraine have established red lines that make a quick deal unlikely. The Kremlin’s proposal contained a list of demands that Kyiv and its Western allies see as nonstarters.
The second round of talks lasted just over an hour and made no progress on ending the war, with the sides agreeing only to swap thousands of their dead and seriously wounded troops.
Also, a new prisoner exchange with Russia could take place over the weekend, Zelenskyy said.
He described the latest negotiations as “a political performance” and “artificial diplomacy” designed to stall for time, delay sanctions and convince the United States that Russia is engaged in dialogue.
Military strikes continue during diplomacy IN tandem with the talks, both sides have kept up military actions along the roughly 1,000-kilometer (620-mile) front line.
Ukraine’s Security Service gave more details Wednesday about its spectacular weekend drone strike on Russian air bases, which it claimed destroyed or damaged 41 aircraft, including strategic bombers.
It released more footage showing drones swooping under and over parked aircraft and featuring some planes burning. It claimed the planes struck included A-50, Tu-95, Tu-22, Tu-160, An-12, and Il-78 aircraft. It said the drones had highly automated capabilities, partly piloted by an operator and partly by artificial intelligence that flew the devices along a planned route in case the signal was lost.
The drones were not fully autonomous and a “human is still choosing what target to hit,” said Caitlin Lee, a drone warfare expert at RAND, a think tank.
Ukraine’s security agency said it also set off an explosion Tuesday on the seabed beneath the Kerch Bridge, a vital transport link between Russia and illegally annexed Crimea, claiming it caused damage to the structure.
Kremlin spokesperson Dmitry Peskov said there was no damage.
Russia’s Defense Ministry said Wednesday that its troops have taken control of another village in Ukraine’s northern Sumy region, on the border with Russia.
Putin announced on May 22 that Russian troops aim to create a buffer zone that might help prevent Ukrainian crossborder attacks. Since then, Russia claims it has taken control of nine Sumy villages.
Arhirova reported from Kyiv, Ukraine. AP
Trump tax bill will add $2.4 trillion to the deficit and leave 10.9 million more uninsured, CBO says
By Lisa Mascaro AP Congressional Correspondent
WASHINGTON—President
Donald Trump’s big bill in Congress would unleash trillions in tax cuts and slash spending, but also spike deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance, raising the political stakes for the GOP’s signature domestic priority.
Republican leaders in Congress, determined to muscle the sweeping package forward, had little to say after the analysis released Wednesday by the nonpartisan Congressional Budget Office. GOP senators spent more than an hour at the White House in what they called a robust afternoon discussion with Trump.
“We’re committed to making a law that will make the lives of the American people better,” Senate Majority Leader John Thune of South Dakota said afterward. He vowed to “get this done one way or another.”
But Democrats angling to halt the One Big Beautiful Bill Act, named after the president’s own catchphrase, piled on with relentless opposition.
“In the words of Elon Musk, this bill is a ‘disgusting abomination,’”
said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, reviving the billionaire former Trump aide’s criticism of the package.
The analysis comes at a crucial moment as Trump is pushing Congress, where Republicans have majority control, to send the final product to his desk to become law by the Fourth of July. The House passed the bill last month by a single vote, but it’s now slogging through the Senate, where Republicans want a number of significant changes, including those discussed with Trump. And the politics are only intensifying.
Musk blindsided Congress with an all-out assault against the bill this week, leaving House Speaker Mike Johnson rushing to do damage control. The GOP speaker said
he called Musk to discuss the criticism, but had not heard back. Musk has threatened to use his political apparatus to go after Republicans in the midterm elections.
“I hope he comes around,” Johnson, R-La., told reporters.
Hours later, Musk, whose business interests could be impacted by green energy rollbacks in the bill, implored voters to call their representatives and senators.
“Bankrupting America is NOT ok!” he wrote on social media, “KILL the BILL.”
Tax breaks, but also cuts to health care
THE work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, is closely watched by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page-plus package.
The bill includes roughly $3.75 trillion in tax cuts—extending the expiring 2017 individual income tax breaks and temporarily adding new ones that Trump campaigned on, including no taxes on tips. The revenue loss would be partially offset by nearly $1.3 trillion in reduced federal spending elsewhere, namely through Medicaid and food assistance.
As a result, some 7.8 million people would no longer have health insurance with changes to Medicaid, including 5.2 million from the proposed new work requirements on those nondisabled adults up to age 65, with some exceptions, the analysis said. Some 1.4 million people who are in the United States without legal status in state-funded health programs would no longer have coverage.
Also, some 400,000 people would lose insurance coverage from the termination of a medical provider tax that key Republicans, including Sen. Josh Hawley of Missouri, want to keep in place to ensure rural hospitals can keep paying their bills.
Republicans argue that their proposals are intended to strengthen Medicaid and other programs by rooting out waste, fraud and abuse. They want the federal funding to go to those who most need health care and other services, often citing women and children.
But Senate Democratic Leader Chuck Schumer said those claims are bogus and are simply part of long-running GOP efforts to repeal and replace the Affordable Care Act, or Obamacare, as most states have expanded Medicaid to serve more people under the program.
“They just want to strangle
health care,” Schumer said.
Additionally, the CBO had previously estimated that nearly 4 million fewer people would have food stamps each month due to the legislation’s proposed changes to the Supplemental Nutrition Assistance Program, known as SNAP, including new work requirements for some older Americans and parents of school-age children. Some would see their benefits reduced by about $15 by 2034, the CBO has said.
Republicans criticize the CBO AHEAD of the CBO’s release, the White House and Republican leaders criticized the budget office in a preemptive campaign designed to sow doubt in its findings.
Thune said the CBO was “flat wrong” because it underestimated the potential revenue growth from Trump’s first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion, or 5.6% greater than predicted, in large part because of the “burst of high inflation” during the Covid-19 pandemic in 2021.
White House Budget Director Russ Vought said when you adjust for “current policy,” which means not counting some $4.5 trillion in existing tax breaks that are simply being extended for the next decade, the overall package actually doesn’t pile onto the deficit. He argued that the spending cuts alone, in fact, help reduce deficits by $1.4 trillion over the decade.
But Democrats and even some Republicans call that “current policy” accounting move a gimmick. Still, it’s the approach Senate Republicans intend to use during their consideration of the package to try to show it does not add to the nation’s deficits. Vought argued that the CBO is the one using a
“gimmick” by tallying the costs of continuing those tax breaks that would otherwise expire.
“Russ is right,” Johnson, the House speaker, posted on social media. “Our One Big Beautiful Bill will REDUCE the deficit WHILE delivering on the mandate given to us by the American people.”
White House press secretary
Karoline Leavitt has also suggested that the CBO’s employees are biased, even though certain budget office workers face strict ethical rules—including restrictions on campaign donations and political activity—to ensure objectivity and impartiality.
What’s at stake
THE individual income tax breaks that had been approved during Trump’s first term in the White House will expire in December if Congress fails to act, in what Republicans warn would be a massive tax hike on many American households.
During the meeting at the White House, Trump pushed senators for his priorities—the new tax breaks on tips, overtime pay and others—while some of the most conservative GOP senators pushed for steeper spending cuts to stem deficits.
And they joked about Musk. Trump briefly brought up Musk, senators said. GOP Sen. Roger Marshall described it as “a laughing conversation for 30 seconds.”
The package also includes a massive buildup of $350 billion for border security, deportations and national security that is central to the GOP agenda, as well as a $4 trillion increase to the nation’s $36 trillion debt limit, which the Treasury Department says is needed by this summer to pay the nation’s bills.
CBO aims for impartiality
MORE than 50 years ago, the CBO was established by law after Congress sought to assert its control, as outlined in the Constitution, over the budget process. Staffed by some 275 economists, analysts and other employees, the CBO says it seeks to provide Congress with objective, impartial information about budgetary and economic issues. Its current director, Phillip Swagel, a former Treasury official in Republican President George W. Bush’s administration, was reappointed to a four-year term in 2023.
The Associated Press writers Kevin Freking, Darlene Superville, Joey Cappelletti, Michelle Price and Leah Askarinam contributed to this report.
Trump orders investigation into Biden’s actions as president, claims aides hid ‘cognitive decline’
By Chris Megerian & Matt Brown The Associated Press
WASHINGTON—President Donald Trump on Wednesday directed his administration to investigate Joe Biden’s actions as president, alleging aides masked his predecessor’s “cognitive decline” and casting doubts on the legitimacy of his use of the autopen to sign pardons and other documents.
The order marked a significant escalation in Trump’s targeting of political adversaries and could lay the groundwork for arguments by the Republican that a range of Biden’s actions as president were invalid.
Biden responded in a statement Wednesday night: “Let me be clear: I made the decisions during my presidency. I made the decisions about the pardons, executive orders, legislation, and proclamations. Any suggestion that I didn’t is ridiculous and false.”
The Justice Department under Democratic and Republican administrations has recognized the use of an autopen to sign legislation and issue pardons for decades, Trump presented no evidence that Biden was unaware of the actions taken in his name, and the president’s absolute pardon power is enshrined in the US Constitution.
“This conspiracy marks one of the most dangerous and concerning scandals in American history,” Trump wrote in a memo. “The American public was purposefully shielded from discovering who wielded the executive power, all while Biden’s signature was deployed across thousands of documents to effect radical policy shifts.”
Trump directed Attorney General Pam Bondi and White House counsel David Warrington to handle the investigation.
It’s unclear how far Trump will push this effort, which would face certain legal challenges. But it reflects his fixation on Biden, who defeated him in 2020, an election that Trump never conceded and continues to falsely claim was rigged against him.
Trump frequently suggests that Biden was wrong to use an autopen, a mechanical device that replicates a person’s authentic signature. Although they’ve been used in the White
House for decades, Trump claims that Biden’s aides were usurping presidential authority.
Biden issued pardons for his two brothers and his sister shortly before leaving office, hoping to shield them from potential prosecution under Trump, who had promised retribution during last year’s campaign. Other pardon recipients included members of a congressional committee that investigated the Jan. 6, 2021, riot at the US Capitol.
Trump often suggests that his political opponents should be investigated, and he has directed the Justice Department to look into people who have angered him over the years. They include Chris Krebs, a former cybersecurity official who disputed Trump’s claims of a stolen election in 2020, and Miles Taylor, a former Department of Homeland Security official who wrote an anonymous op-ed sharply critical of the president in 2018.
Meanwhile, House Oversight Chairman James Comer of Kentucky, a Republican, requested transcribed interviews with five Biden aides, alleging they had participated in a “cover-up” that amounted to “one of the greatest scandals in our nation’s history.”
“These five former senior advisors were eyewitnesses to President Biden’s condition and operations within the Biden White House,” Comer said in a statement. “They must appear before the House Oversight Committee and provide truthful answers about President Biden’s cognitive state and who was calling the shots.”
Interviews were requested with White House senior advisers Mike Donilon and Anita Dunn, former White House chief of staff Ron Klain, former deputy chief of staff Bruce Reed and Steve Ricchetti, a former counselor to the president.
Comer reiterated his call for Biden’s physician, Kevin O’Connor, and former senior White House aides Annie Tomasini, Anthony Bernal, Ashley Williams and Neera Tanden to appear before the committee. He warned subpoenas would be issued this week if they refuse to schedule voluntary interviews.
“I think that people will start coming in the next two weeks,” Comer told reporters. He added that the committee would release a report with its findings, “and we’ll release the transcribed
interviews, so it’ll be very transparent.”
Democrats have dismissed the effort as a distraction.
“Chairman Comer had his big shot in the last Congress to impeach Joe Biden and it was, of course, a spectacular flop,” said Rep. Jamie Raskin, the Maryland Democrat who served as the ranking member on the oversight committee in the previous Congress. “And now he’s just living off of a spent dream. It’s over. And he should give up the whole thing.”
Republicans on the committee are eager to pursue the investigation.
“The American people didn’t elect a bureaucracy to run the country,” said Rep. Brandon Gill, a freshman Republican from Texas. “I think that the American people deserve to know the truth and they want to know the truth of what happened.”
The Republican inquiry so far has focused on the final executive actions of Biden’s administration, which included the issuing of new federal rules and presidential pardons that they claim may be invalid.
Comer cited the book “Original Sin” by CNN’s Jake Tapper and Axios’ Alex Thompson, which details concerns and debates inside the White House and Democratic Party over Biden’s mental state and age.
In the book, Tapper and Thompson wrote, “Five people were running the country, and Joe Biden was at best a senior member of the board.” Biden and members of his family have vigorously denied the book’s claims.
“This book is political fairy smut for the permanent, professional chattering class,” said Naomi Biden, the former president’s granddaughter.
Biden withdrew from the presidential race last summer after a debate against Trump in which he appeared to lose his train of thought multiple times, muttered inaudible answers and misnamed different government programs.
The disastrous debate performance pushed questions about his age and mental acuity to the forefront, ultimately leading Biden to withdraw from the presidential race. He was replaced on the ticket by Kamala Harris, who lost the election to Trump.
Trump announces travel ban and restrictions on 19 countries set to go into effect Monday
By Chris Megerian & Farnoush Amiri The Associated Press
WASHINGTON—President Donald Trump on Wednesday resurrected a hallmark policy of his first term, announcing that citizens of 12 countries would be banned from visiting the United States and those from seven others would face restrictions.
The ban takes effect Monday at 12:01 a.m., a cushion that may avoid the chaos that unfolded at airports nationwide when a similar measure took effect with virtually no notice in 2017. Trump, who signaled plans for a new ban upon taking office in January, appears to be on firmer ground this time after the Supreme Court sided with him.
Some, but not all, 12 countries also appeared on the list of banned countries in Trump’s first term. The new ban includes Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea,
Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. There will be heightened restrictions on visitors from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela. In a video released on social media, Trump tied the new ban to Sunday’s terror attack in Boulder, Colorado, saying it underscored the dangers posed by some visitors who overstay visas. The suspect in the attack is from Egypt, a country that is not on Trump’s restricted list. The Department of Homeland Security says he overstayed a tourist visa.
Trump said some countries had “deficient” screening and vetting or have historically refused to take back their own citizens. His findings rely extensively on an annual Homeland Security report of visa overstays of tourists, business visitors and students who arrive by air and sea, singling out countries with high percentages of remaining after their visas expired.
“We don’t want them,” Trump said. The inclusion of Afghanistan angered
some supporters who have worked to resettle its people. The ban makes exceptions for Afghans on Special Immigrant Visas, generally people who worked most closely with the US government during the two-decade-long war there. Afghanistan was also one of the largest sources of resettled refugees, with about 14,000 arrivals in a 12-month period through September 2024. Trump suspended refugee resettlement his first day in office.
“To include Afghanistan—a nation whose people stood alongside American service members for 20 years—is a moral disgrace. It spits in the face of our allies, our veterans, and every value we claim to uphold,” said Shawn VanDiver, president and board chairman of #AfghanEvac.
Amiri reported from the United Nations. Associated Press writers Rebecca Santana, Jon Gambrell, Ellen Knickmeyer and Danica Coto contributed to this report.
Germany faces economic turmoil as Trump’s ‘America First’ intensifies industry challenges
By Jana Randow & Marilen Martin
AS Donald Trump pushes ahead with his campaign to transform the way the world does business, Germany is uniquely vulnerable.
Trump has harbored a grudge against Germany since his first term in office and the country’s auto and steel industries are particularly exposed to his tariffs.
On top of that, Trump’s determination to dial back military support for Europe will shift a massive burden onto Germany, and his cabinet’s open backing of the far-right Alternative for Germany is stoking unrest among voters.
But as the new chancellor, Friedrich Merz, prepares for his first visit to the White House Thursday, his biggest problem may be homegrown: many Germans don’t have the stomach for the challenges ahead.
“Very few new things are emerging, and that fuels pessimism,” said Melanie Arntz, vice director of the Institute for Employment Research in Nuremberg. “We’re confronted with a surplus of destructive forces.”
On the surface, investors are bullish on Germany. The benchmark stock index is trading close to a record, up about 20% this year, while turmoil in the US and the flight into safe German assets has helped drive the euro up about 10% against the dollar.
But Germany’s large cap stocks get less than 20% of their revenue from the domestic market. Executives in the country’s industrial
heartlands are far less optimistic about the future.
Take Karsten Vogt. The 50-something business owner is thinking about shuttering Langen Feuerungsbau, the manufacturing company his great-grandfather founded in the 1930s, rather than re-engineer the firm to weather an increasingly hostile global economy. Vogt’s family-owned company in Duisburg, the cradle of Germany’s steel industry, makes fire-resistant doors for power, waste incineration and biogas plants around the world. But demand is dwindling as clients shift to new technologies.
“I don’t plan to reinvent myself in the final decade of my working life,” Vogt said in an interview. “I’ve gone through it twice and I think that’s enough. It’s exhausting.”
Vogt describes the challenges of navigating change and a sense of resignation that permeates the economy around Duisburg. Major steel producers in the region like ThyssenKrupp, ArcelorMittal, and HKM are already facing massive layoffs and potentially even plant closures.
German industry has seen job cuts accelerate and is currently losing about 10,000 posts a month, Arntz says. Meanwhile, consumer confidence has never recovered
from the double blow of the pandemic and Russia’s war in Ukraine, unemployment jumped by the most in almost three years in May, and Merz’s party is fighting to maintain its lead over the Alternative for Germany, or AfD, in the polls.
Trump’s America First agenda could make all that worse as the president aims to punish countries such as Germany for what he calls “unfair” practices that take advantage of US companies and workers. Decades of relying on exports to drive growth means this could spell trouble for Europe’s biggest economy.
“I want German car companies to become American car companies, I want them to build their plants here,” Trump said on the campaign trail in September.
Since then, he’s continued to needle the German government, with Vice President JD Vance meeting AfD candidate Alice Weidel just before the election and Secretary of State Marco Rubio labeling efforts to monitor extremist groups “tyranny in disguise.”
Amid the whiplash of his trade policy, the European Union is currently facing 50% tariffs on most exports to the US, due to kick in on July 9 unless a settlement is reached. That measure will hammer German carmakers who sold $25 billion of vehicles in the US last year. In response, Mercedes-Benz Group AG has announced plans to move production of another model to Alabama.
More may follow, with Commerce Secretary Howard Lutnick telling senators Wednesday that auto manufacturers had offered additional US investments in a meeting with Trump. The US sent trading partners a letter reminding them that it expects countries to
offer concessions ahead of Trump’s July 9 deadline, and the president already moved to double steel and aluminum tariffs earlier this week, to the chagrin of European leaders.
“We can see what Donald Trump has triggered,” said Werner Schaurte-Küppers, president of Duisburg’s chamber of commerce. “Our hopes are now pinned on the German government and that it will show the will to act quickly.”
German manufacturing has been declining steadily since as far back as late 2017 and the overall economy has shrunk for the past two years following the energy-price shock triggered by the war in Ukraine.
Voters went to the polls in February, just after Trump returned to office, with a growing sense that chronic problems are building to an emergency.
The new legislative period may offer “the last chance” to regain citizens’ trust “in the political parties of our democracy,” Merz said in the aftermath of his election win that saw the far-right AfD emerge as the main opposition party.
Merz has already won backing for a €500 billion ($570 billion) fund to upgrade Germany’s ramshackle infrastructure and removed constitutional borrowing restrictions on defense spending, paving the way for hundreds of billions more to be invested in the military.
But he’s also promised to cut billions from Germany’s welfare bill and has warned voters that what he portrays as their comfortable lifestyles are going to have to change in order to meet the challenges ahead.
“With a four-day week and work-life balance, we will not be able to maintain the prosperity of this country,” he said at a party
meeting in May.
The AfD, by contrast, is promising to defend Germany’s traditional way of life by expelling hundreds of thousands of undocumented migrants and pulling out of the European Union. That offering saw the AfD surge close to Merz’s Christian Democrat-led alliance in recent polls.
Duisburg, where Vogt has his plant, is one of those places that illustrates how quickly Merz needs to turn things around.
The city is on the western edge of the Ruhr area, where the coal and steel industries helped rebuild Germany after World War II. But unemployment is now above 13%, double the national average, and many of those who do have jobs work in fading industries with grim prospects.
In the north of the city, massive housing blocks built for steelworkers in the 1970s have become a symbol of the city’s decline, with crime running high. Nearly a quarter of voters in Duisburg’s northern ward backed the AfD in February’s election, compared with 21% nationwide.
“There’s a reason why I have my company in Duisburg but am not living in the city,” says Hendrik Häuser, the owner of another family business. Häuser & Co specializes in spray coating highly stressed components in industrial plants. His father spun off the company from ThyssenKrupp in 1995 and started turning to different customers, betting that there was no long term future for steel production in Germany. Now the son is seeing those predictions play out.
“Many jobs will be lost in the next three to five years,” said Häuser junior, who commutes in
to Duisburg from his home in the Lower Rhine region. “If the steel industry in Duisburg collapses, where are the people supposed to go? There is no other company, no other industry.”
The seeds of the city’s possible revival can be seen in the growing logistics industry. Located at the end of a transcontinental railway corridor that reaches all the way to China and at the confluence of the rivers Rhine and Ruhr, Duisburg’s geography has helped the city to develop the world’s largest inland port. Ten different container terminals and 52,000 employees handled the equivalent of 3.9 million 20-foot containers last year. That’s roughly 40% of the volume that goes through Los Angeles, the largest container port in the US.
But Markus Bangen, chief executive officer at port operator Duisport, says that sentiment is gloomy and confidence is fragile among many of the German companies he deals with. After a second consecutive year of contraction in 2024, activity had stabilized in the first months of the year—and then Trump’s tariff chaos hit in April. “Basic trust has been destroyed in just a few days,” Bangen said in an interview.
At the Langen Feuerungsbau plant, Vogt reflects on how his family navigated previous moments of disruption and laments the sense of caution that holds the company back.
“We always found niches, but we always waited too long to make the leap and do something new—because you always hold on to the old ways,” he said. “We will keep producing like this for as long as possible, and then probably close down.” With assistance from Jan-Patrick Barnert, Arne Delfs and Christoph Rauwald/Bloomberg
A16
Friday, June 6, 2025
NATO set to approve new defense spending targets amid rising security concerns in Europe and beyond
By Lorne Cook The Associated Press
BRUSSELS—NATO defense ministers are set Thursday to approve purchasing targets for stocking up on weapons and military equipment to better defend Europe, the Arctic and the North Atlantic, as part of a US push to ramp up security spending.
The “capability targets” lay out goals for each of the 32 nations to purchase priority equipment like air defense systems, long-range missiles, artillery, ammunition, drones and “strategic enablers” such as air-to-air refueling, heavy air transport and logistics. Each nation’s plan is classified, so details are scarce.
“Today we decide on the capability targets. From there, we will assess the gaps we have, not only to be able to defend ourselves today, but also three, five, seven years from now,” NATO Secretary-General Mark Rutte said.
“All these investments have to be financed,” he told reporters before chairing the meeting at NATO’s Brussels headquarters. US President Donald Trump and his NATO counterparts will meet on June 24-25 to agree to new defense investment goals. Spurred on by their own security concerns, European allies and Canada have already been ramping up military spending, including arms and ammunition purchases, since Russia launched a full-scale invasion of Ukraine in 2022.
At the same time, some allies balk at US demands to invest 5% of their gross domestic product in defense—3.5% on core military spending and 1.5% on the roads, bridges, airfields and sea ports needed to deploy armies more quickly—when they have already struggled to grow their budgets to 2% of GDP. Still, US Defense Secretary Pete Hegseth said that many appear on track to agree.
“The commitment is there. 5% on defense spending,” he told reporters after stepping out of the meeting.
“When you consider the threats that we face, the urgency in the world, it’s critical. We don’t need more flags. We need more fighting formations. We don’t need more conferences. We need more capabilities. Hard power.”
The new targets are assigned by NATO based on a blueprint agreed upon in 2023—the military organization’s biggest planning shakeup since the Cold War—to defend its territory from an attack by Russia or another major adversary.
Under those plans, NATO would aim to have up to 300,000 troops ready to move to its eastern flank within 30 days, although experts suggest the allies would struggle to muster those kinds of numbers.
The member countries are assigned roles in defending NATO territory across three major zones—the high north and Atlantic area, a zone north of the Alps, and another in southern Europe.
NATO planners believe that the targets must be met within 5-10 years, given the speed at which Russia is building its armed forces now, and which would accelerate were any peace agreement reached to end its war on Ukraine.
Some fear Russia might be ready to strike at a NATO country even sooner, especially if Western sanctions are eased and Europe has not prepared. “Are we going to gather here again and say ‘okay, we failed a bit,’ and then maybe we start learning Russian?” Lithuanian Defense Minister Dovilė Šakalienė said.
Swedish Defense Minister Pål Jonson also warned that while Russia is bogged down in Ukraine right now, things could quickly change.
“We also know after an armistice or a peace agreement, of course, Russia is going to allocate more forces closer to our vicinity. Therefore, it’s extremely important that the alliance use these couple of years now when Russia is still limited by its force posture in and around Ukraine,” Jonson said.
If the targets are respected, the member countries will need to spend at least 3% of GDP on defense.
Dutch Defense Minister Ruben Brekelmans said his country calculates in the medium term that “we should spend 3.5% at least on defense, which in the Netherlands means an additional 16 to 19 billion euro ($18-22 billion) addition to our current budget.”
The Netherlands is likely to buy more tanks, infantry fighting vehicles and long-range missile systems, including US-made Patriots that can target aircraft, cruise missiles and shorter-range ballistic missiles.
NATO Secretary General Mark Rutte, left, bangs a gavel to signify the start of a meeting of NATO defense ministers at NATO headquarters in Brussels, Thursday, June 5, 2025. AP/VIRGINIA MAYO
On average, the World Bank said over 20 tropical storms form near the Philippines each year, with approximately eight hitting the country’s landmass. Between 2012 and 2023, the World Bank said disasters killed around 11,000 persons, affected 130 million people which led to approximately $9 billion in economic losses.
The World Bank said over the long term, the country’s annual losses from typhoons and earthquakes are estimated to reach over $3.3 billion.
“Climate events and slow-onset trends— such as drought, higher temperatures, and rising sea levels—are expected to exacerbate these impacts, potentially resulting in losses up to 13.6 percent of GDP by 2040 in the absence of adaptation and mitigation efforts,” the World Bank said.
In order to help the Philippines combat its challenges, the World Bank will extend $22 to $23 billion worth of indicative financing between Fiscal Year 2026 and Fiscal Year 2031. It may be noted that the World Bank’s fiscal year ends on June 30th and begins on July 1st annually. Funding from the World Bank Group to the country is from the International Bank International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
This includes an indicative IBRD financing of $18 billion—lending for fiscal years 2026 and 2027—and an estimated $4 billion to $5 billion in long-term IFC financing over the CPF period. The IBRD portfolio, the World Bank said, has grown to $2.85 billion in FY25 from $377.6 million in annual new commitments during FY18.
The indicative IBRD lending envelope from FY26 to FY31 is estimated at $3 billion per year or $18 billion over the duration of the CPF. Maximizing development impact, the average financing size per lending operation also increased during this period from $189 million to $458 million.
For IFC, it aims to ramp up its new commitments to around $1 billion in the second half, or $4 billion to $5 billion in total long-term financing for the CPF period, including mobilization.
The World Bank noted that this is from around $400 million to $600 million per year in earlier years of the CPF.
The Washington-based lender said a significant portion of IFC’s advisory portfolio, standing at $29.6 million as of December 2024, includes upstream engagements with good potential for conversion into investments.
“IFC also has a dynamic advisory program focused on financial inclusion, climate finance, digitalization, capital market development, PPPs, green and resilient buildings and cities, affordable and resilient housing, and reforms to promote private sector investment,” the CPF stated.
The new CPF for the Philippines for 2026–2031 will prioritize investments in health and education, private sector jobs, digitization and economic and social resilience.
The new CPF aligns with the Philippines’s development goals to ensure that support is tailored to the most pressing needs and priorities.
“The Philippines has made remarkable development progress in recent years and this Country Partnership Framework marks a key milestone in our partnership. It is designed to help the Philippines build on this positive momentum to create more jobs for its young population, build resilience to shocks, further reduce regional disparities, and invest in education and health,” said Manuela V. Ferro, Vice President, East Asia and Pacific, World Bank.
The WBG will provide financial support to implement the CPF, including long-term IFC support over the CPF period. MIGA will explore opportunities to support cross-border investment.
The CPF is the World Bank Group’s joint strategy of the IBRD, the arm of the WBG that supports public institutions in middle-income countries; the IFC, which supports the private sector in developing countries; and the MIGA, which provides political risk insurance to private sector investors and lenders.
UK latest country to back Morocco’s plan in disputed Western Sahara
By Akram Oubachir The Associated Press
RABAT, Morocco—The United Kingdom on Sunday became the latest country to back Morocco’s position on the disputed Western Sahara, calling its plan to keep the territory under Moroccan control “the most credible, viable and pragmatic” way to resolve the decades-long conflict.
At a joint press conference in Morocco’s capital, British Foreign Minister David Lammy said the United Kingdom was changing its position to support Morocco’s plan to offer the area limited autonomy under Moroccan sovereignty. He and Moroccan Foreign Minister Nasser Bourita lauded the two countries’ ties on security and trade, noting Morocco’s role as cohost of the 2030 FIFA World Cup.
“The time for a resolution and to move this issue forward is longoverdue, and would strengthen the stability of North Africa,” Lammy said.
He also reiterated support for the United Nations-led process and
called on Morocco to “expand on details of what autonomy within the Moroccan State could entail for the region.”
Western Sahara is a strip of coastal desert rich in phosphates and fish that the United Nations has considered a “non-self-governing territory” throughout almost 50 years of dispute. It’s claimed by both Morocco and Polisario, a pro-independence group that operates out of refugee camps in southwestern Algeria.
The shift fulfills one of Morocco’s primary foreign policy objectives and makes the United Kingdom the third permanent member of the United Nations
Security Council to back its position, following France and the United States. Since 1991, the United Nations has administered a peacekeeping mission designed to hold a referendum to determine the status of the disputed territory, all of which is under Morocco’s control except for a small sliver near the Algerian border.
After years of conflict, the area has recently emerged as a hotspot for investment, drawing European and American firms interested in fishing, agriculture and infrastructure projects that would allow for the transmission of wind and solar power. As negotiations have stalled, Morocco has invested heavily in the region and sought support from trade partners. Polisario has taken its fight to
international courts, arguing that Morocco does not have the right to trade resources belonging to the Sahrawi people while the conflict remains unresolved. The countries exchange billions of dollars’ worth of cars, fruits and vegetables. The two are partnering on XLinks, a renewable energy storage and transmission project whose backers hope will power millions of British homes.
The British shift angered Algeria, Morocco’s regional rival, which in a statement on Sunday blasted Morocco’s plan as “empty of content and incapable of contributing to a serious and credible settlement of the conflict.” Polisario Front representatives didn’t respond to questions about the United Kingdom’s stance.
as government efforts towards fiscal consolidation under the Medium-Term Fiscal Framework.
As of end-April 2025, the Philippines’ gross international reserves stood at $105.3 billion, sufficient to cover 7.3 months of imports and 3.6 times short-term external debt based on residual maturity.
“Despite increased uncertainty due to changes in US tariff policies, [the] Philippines’ foreign exchange liquidity position remains solid, and JCR expects the economy to retain high resilience to external shocks going forward,” JCR said.
Nonetheless, JCR said addressing income inequality through rural development and infrastructure development remain important tasks to be addressed by the Philippines.
The Marcos Jr. administration, JCR noted, is implementing various policies aimed at achieving fiscal consolidation, infrastructure development and poverty alleviation, and has been making steady progress to date.
JCR expects that economic growth and fiscal improvement through government’s efforts will enhance the country’s creditworthiness.
“It (JCR) will continue to monitor developments closely. Based on the above, it
has retained the ratings with Stable outlook,” JCR stated.
Fitch Ratings also affirmed its ‘BBB’ with a stable outlook for the Philippines in April 2025, citing easing inflation, sound monetary policy, and stable public debt as key factors.
An investment-grade rating signals low credit risk and favorable financing terms for critical public services and infrastructure.
According to the DOF, an ‘A-’ rating is a
strong investment-grade score that reflects robust creditworthiness and macroeconomic stability.
The rating signals confidence to investors and creditors, which in turn helps lower interest rates on borrowings of the national government and the private sector.
Lower interest payments free up fiscal space by allowing the government to allocate more resources to development programs, such as infrastructure, social services, healthcare and quality education. It also helps attract more foreign direct investments into the country, potentially leading to increased job opportunities for Filipinos.
“The JCR’s latest affirmation keeps the Philippines well-positioned to maintain high investment-grade ratings from all major global and regional credit agencies,” the DOF said.
Cai U. Ordinario and Reine Juvierre S. Alberto
AN archway in the entrance of Dakhla carries an image of Morocco’s King Mohammed VI, in Western Sahara, Monday, December 21, 2020. AP/MOSA’AB ELSHAMY
A18 Friday, June 6, 2025
(See: https://businessmirror.com.
ph/2025/06/05/house-okays-p200wage-hike-bill-bicam-panel-next/), is “commensurate to labor productivity growth.”
On Wednesday, the HOR approved on third and final reading a P200 across the board wage increase – more than one year since the Philippine Senate approved a P100 daily minimum wage hike in February 2024. ( See: https://businessmirror. com.ph/2024/02/09/p100-wage-hikecould-raise-operational-expenses-ofbusinesses-by-15-to-20-percent/).
“Labor productivity has been going up in recent years. Hence, wage adjustment as proposed in the HOR and in the Senate is not concerning,” Canlas told B usiness M irror on Thursday.
“But owners of capital should willingly give up a bit of their share in the growth of national income. The Philippines can be internationally competitive with productive and high-wage workers,” he also said. Canlas also said high-growth areas where businesses can benefit from highly skilled and well-paid workers
are in Information Technology, Artificial Intelligence and other high-tech sectors.
Family Living Wage
IBON Foundation, meanwhile, said the P200 and P100 wage hikes are important first steps towards a family living wage (FLW) nationwide.
Minimum wage earners will feel immediate benefits and should be able to look forward to an FLW that actually raises their families’ standard of living to a decent level.
Even if granted across the board, the wage increase is expected to just be a small portion of company profits. Ibon said this accounts for 11.1 percent of profits of large firms; 9.1 percent of medium firms; 12.9 percent of small firms; and 15 percent of micro firms.
Ibon said the government can support smaller firms that can barely afford the wage hike.
“The P100 and P200 wage hikes give welcome initial relief and help restore some purchasing power lost over decades, but are both still too small,” Ibon said in a statement.
However, University of Asia and the Pacific economist Victor A. Abola said the increase in wages is “very worrisome”
BusinessMirror News
considering that every P100 increase in minimum wage is expected to add 3 to 4 percent increase in inflation.
Abola noted that the country’s slower growth in the fourth quarter of2024 and the first quarter of 2025 will make it difficult to provide higher wages.
He added this lackluster performance of the economy will continue in the second quarter given the slowdown in the country’s manufacturing sector as indicated by the lower Purchasing Manager’s Index (PMI) score of 50.1 in May. (See: https://businessmirror.com. ph/2025/06/02/may-factory-activityindicates-stagnation/).
‘Very worrisome’ “IT is very worrisome,” Abola told this newspaper on Thursday. “Every P100 increase in MW should add 3 percent to 4 percent to the inflation rate. Disastrous.”
The Foundation for Economic Freedom (FEF) also said a P200 increase in wages will account for 30 percent of total operating costs of industries, particularly food, retail and services.
This additional cost is expected to “turbocharge inflation” by being passed on to “consumers, fueling a wage-price spiral that disproportionately hurts the poor.”
De La Salle University economist Maria Ella Oplas also shared with BusinessMirror her estimate that it will make the factors of production for industries expensive by 31 percent.
Apart from being passed on to consumers, higher production costs, Oplas said, could deter foreign investors from bringing their businesses to the Philippines. For small and medium enterprises (SMEs), this could also mean closing down because their costs will have to increase by 31 percent.
“It will make their factors of production expensive by 31 percent and that’s big. So either they halt their operation and transfer to another country or stay but lessen production equals lesser labor,” Oplas said.
Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., agreed that some firms may not be able to afford this increase given the lackluster performance of the manufacturing sector.
Ravelas said the impact of higher wages will be felt by small businesses and jobs. Purchasing power of workers and economic growth could also be hurt in the process.
“The proposed P200 wage hike (House) and P100 hike (Senate) could slightly push
up inflation, as businesses may raise prices to cover higher labor costs. However, it may also boost consumer spending, which helps the economy grow as inflation remains within the 2-4 percent,” Ravelas told B usiness M irror
Meanwhile, Ateneo de Manila University
economist Leonardo M. Lanzona Jr. said this will not significantly increase inflation because of the low inflation rates, but this will weigh on businesses and jobs.
As such, Lanzona said, the government should provide workers the necessary social protection or undertake “programs that can absorb the labor force” to ensure the growth of the economy.
“The issue is the joblessness this wage hike will cause as the burden of meeting the workers’ needs is placed on the shoulders of the firms. This should be the responsibility of the government,” Lanzona told B usiness M irror
“I think the firms should be left alone.
It is the workers who are our main concern.
If firms are our target, then it should be a productivity enhancing program, not social protection,” he also said.
‘Targeted phasing’
MEANWHILE , Unionbank Chief Economist
Ruben Carlo O. Asuncion told this newspaper
www.businessmirror.com.ph
that given the impact on firms, maybe the government can consider “targeted phasing of the hikes.”
This will help balance and “prevent any unnecessary shocks to the economy” given the higher wages. Asuncion said the level of the hike in wages should be discussed thoroughly.
The discussion, Asuncion said, should address the needs of workers while ensuring the viability of local and foreign firms operating in the country.
“Instead of improving livelihoods, the measure risks trapping more Filipinos in a vicious cycle of inflation, unemployment, and informality. We support fair and evidencebased wage adjustments, but they must be regionally grounded and sensitive to the economy’s capacity to absorb cost increases,” FEF said in a statement.
With a vote of 171 in favor, 1 against, and no abstentions, lawmakers approved House Bill No. 11376, which mandates a P200 daily wage increase for all private sector employees, regardless of employment status or industry.
The Senate passed its version of the wage bill last year, prompting advocates to put pressure on the House to approve their own measure before the 19th Congress adjourns sine die this month. Cai U. Ordinario
Palace: Cabinet members ‘on notice’ despite Marcos rejecting resignations
By Samuel P. Medenilla @sam_medenilla
MALACAÑANG said Cabinet officials, whose courtesy resignations were not accepted by President Ferdinand Marcos, are still not off the hook and will still be subjected to regular performance assessment.
PCO: Meta’s ‘freedom of expression’ stance allows spread of fake news, undermining PHL Democracy
HE Presidential Communications Of -
Tfice (PCO) slammed the social media giant platform Meta, which owns Facebook and Instagram, for its refusal to remove a certified fake government memo citing “freedom of expression.”
PCO Secretary Jay Ruiz said the unscrupulous individual, who posted the bogus material falsely attributed it to the Office of the Executive Secretary Lucas P. Bersamin.
The issuance was certified by the Department of Information and Communication Technology (DICT)’s Cybercrime Investigation and Coordinating Center (CICC) as a fake memo.
Meta, however, still refused to take down the said fake issuance from its platform.
“You know sir, they didn’t remove it. The reason for the platforms is that it is freedom of expression, we have community standards, every user is accountable to his or her account,” Ruiz said in Filipino.
He lambasted Meta for its failure to stop the spread of “fake news” in the Philippines and hold accountable it’s peddlers.
PCO said the incident demonstrated how the government is “defenseless” against such false information unlike Singapore, which is known for its strict rules against illegal activities.
“There are penalties against social media platforms that if you publish fake news, you will be penalized. What they are doing is making the penalties high—6 percent of profit,” Ruiz said.
He highlighted the need to address the policy gaps, when it comes to regulating social media platforms since it can undermine the country’s democracy.
“Eventually, our people will no longer decide based on informed decisions, but based on lies. We agree that there is a right to information, but that right should be accurate information,” Ruiz said.
Samuel P. Medenilla
PHL defensive ties expanded with Shangri-La Dialogue participation
THE Armed Forces of the Philippines (AFP) further expanded its defensive ties with its successful participation in the just concluded Shangri-La Dialogue in Singapore.
This was after its head, AFP chief-of-staff Gen. Romeo Brawner Jr., engaged with top military leaders during the course of the event, which took place from May 30 to June 1.
“Leading the AFP delegation, General Brawner participated in high-level discussions focused on strengthening regional security cooperation, advancing joint defense capabilities, and promoting peace and stability in the IndoPacific Region,” the AFP said in a statement Wednesday night.
The participation underscored the AFP’s active role in addressing evolving security challenges alongside allies and strategic partners. Throughout the dialogue, Brawner met with counterparts from allied and partner nations to explore opportunities for joint training, capability-building, and information-sharing initiatives.
These engagements reaffirmed the AFP’s commitment to fostering strong international defense relations.
Rex Anthony Naval
Palace Press Officer Claire Castro made the clarification during a press briefing last Thursday after the Chief Executive declined to accept the courtesy resignation of 21 more members of the Cabinet and senior officials of other government offices earlier this week. This led to criticisms that the revamping announced by the Marcos administration may translate to minimal changes in the quality of service of the government.
“We would like to inform you that the service of courtesy resignations does not end with the acceptance and rejection of them by the President—some were dismissed, some remained,” Castro said.
“For those who remained, the President still has their trust but this does not mean that they should be complacent,” she added.
The Presidential Communications Office (PCO) undersecretary said all senior officials will continue to undergo continuing performance evaluation to ensure they will continue to provide efficient public service in line with the instructions of the President.
NNC eyes ₧2.4-B budget for 2026
By Bless Aubrey Ogerio
HE National Nutrition
TCouncil (NNC) is setting its sights on a P2.4 billion budget for 2026 to strengthen its efforts in addressing malnutrition among vulnerable groups across the country.
Speaking at the sidelines of the National Nutrition Summit in Makati, NNC assistant secretary and executive director Azucena Dayanghirang said the proposed funding would primarily support the council’s flagship initiative, the Tutok Kainan Supplementation Program.
“For the Tutok Kainan Program, because it is the banner program of the NNC Secretariat, we are aiming to have a budget of at least P2.4 billion in 2026,” Dayanghirang said in Filipino. “This will allow us to reach over 100,000 nutritionally at-risk children and pregnant women nationwide.”
Tutok Kainan is designed to deliver food-based interventions to groups most vulnerable to undernutrition, such as young children and expectant mothers, through localized feeding and supplementation initiatives.
In recent years, NNC’s budget has remained modest. In 2023, its total obligations reached P487.1 million, and a similar amount was allocated in 2024, totaling P484.8 million.
However, the proposed budget for 2025 had only P319.1 million in appropriations. Of this amount, P86.1 million is allocated for personnel services, P208.5 million for maintenance and other operating expenses and P18.5 million for capital outlays.
Dayanghirang emphasized that while funding has supported ongoing programs, it still falls short of what’s needed to scale up nutrition interventions. “There is no such thing as an adequate budget when it comes to nutrition,” she said in Filipino.
Between 2017 and 2019, government expenditures on nutrition-related programs across all agencies amounted to P492.7 billion.
Around P1.4 billion went to enabling interventions, with 55 percent (P773 million) directed to food and nutrition research programs led by the Food and Nutrition Research Institute, and 34 percent (P484 million) allocated to the NNC’s support for national and local nutrition initiatives.
But nutrition remains a persistent public health concern. Dayanghirang cited data showing that two in every ten pregnant women remain nutritionally at risk, while three in every seven children have inadequate diets and deficient nutrient intake.
The NNC, as the policymaking and coordinating body on nutrition under the Department of Health, continues to lead the formulation of national strategies to combat undernutrition.
Revised admission policy to give more children a strong start in kindergarten
By Claudeth Mocon-Ciriaco @claudethmc3
THE Department of Educa -
tion’s (DepEd) newly-revised admission policy is set to take effect this upcoming School Year (SY) 2025–2026, giving more young Filipino children the opportunity to enter Kindergarten.
DepEd said that the initiative aligns with President Ferdinand Marcos’ Bagong Pilipinas vision for a more inclusive and learnercentered education system.
Under the updated guidelines, children who turn five years old on or before October 31 of the school year, may now enroll in Kindergarten — extending the previous cut-off date of August 31.
The move aims to provide a more inclusive and developmentally attuned enrollment win -
dow, especially for families with children born in the later part of the year.
Meanwhile, children who turn five between November 1 and December 31 may also qualify if they have completed a one-year Early Childhood Development (ECD) program at a recognized Child Development Center or Learning Center, or if they pass the ECD checklist administered during enrollment and in the first week of classes.
“This policy is rooted in our understanding that every child grows and learns at their own pace,” said Education Secretary Juan Edgardo “Sonny” Angara.
“By allowing more flexibility in the Kindergarten age requirement, we are making sure that each learner has the opportunity to start strong and succeed from day one,” he added.
Private schools are likewise required to comply with the revised age cut-off, but may conduct their own readiness assessments as part of their admissions process.
In 2024, over 1.8 million Kindergarten learners were enrolled nationwide out of 26.4 million learners across public and private schools, including Philippine Schools Overseas.
With the revised guidelines, DepEd anticipates an increase in enrollees during the nationwide enrollment period for public schools, scheduled from June 9 to 13, 2025, following early registration earlier this year.
Classes for SY 2025–2026 will begin on June 16.
For the full details of the updated Kindergarten cut-off age policy one can visit https://www. deped.gov.ph/wp-content/uploads/ DO_s2025_015.pdf.
Teves refuses plea in firearms case; court enters ‘not guilty’ on his behalf
T“They will always be on notice because they serve at the pleasure of the President,” Castro said.
By Joel R. San Juan @jrsanjuan1573
HE Regional Trial Court of Manila Branch 12 on Thursday entered a “not guilty” plea for expelled Negros
Oriental Representative Arnolfo “Arnie” Teves Jr. in the illegal possession of firearms and explosives charges filed against him. During the court proceedings, Teves, through his counsels, invoked his right to refuse to enter a plea and respond to the charges because of pending questions on the legality of his turn-over to the Philippine government by the Timor-Leste government.
“He refused to enter a plea because of certain legal complications in Timor Leste, so the court entered a plea of not guilty for him and the pre-trial ensued and thereafter he was brought back to his place of detention,” Topacio said. Topacio explained that there
is a pending investigation by the Timor-Leste parliament on why its government turned-over Teves to the Philippine government despite the existence of a final and executory judgment denying the latter’s request for his extradition and the issuance of a writ of habeas corpus in favor of the former solon.
“We still have pending questions with respect to the jurisdiction of the court considering that it is our stance that the handover to the executive branch of the Timor Leste government and the subsequent repatriation of Mr. Teves were illegal acts,” Teves noted.
After the not guilty plea was entered for Teves, the trial court proceeded with the pre-trial of the case where the prosecution manifested its readiness to present 13 witnesses to secure Teves’ conviction.
The defense team on the other hand, has lined-up 23 witnesses
including the former solon himself and his son Axl. The case stemmed from the raid conducted by law enforcement officers at Teves’ home in Bayawan City, Negros Oriental in March 2023 following the killing of then Negros Oriental Gov. Roel Degamo.
Teves has been separately charged before the Manila RTC for 10 counts of murder and 13 counts of frustrated murder in connection with Degamo et al slay.
The Manila RTC Branch 51, which is handling the Degamo case, has set its arraignment on June 10 at 2 p.m.
Teves is also facing one case of murder before the Manila RTC Branch 12, one case of murder at the Manila RTC Branch 15 and one case of murder at Bayawan RTC Branch 63 in Negros Oriental.
He is also facing multiple cases under the Terrorist Financing Prevention and Suppression Act at the Quezon City RTC Branch 77.
“That is why the DTI, led by Secretary Roque, conducted inspections of major markets, particularly here in Divisoria,” Castro said.
“The President wants swift action to monitor and keep school supplies affordable for Filipino families,” she added.
She cited the case of Department of Trade and Industry (DTI) Cristina A. Roque, who was tasked by the President to make sure there will be no price gouging on school supplies days before the start of the next school year this month.
Comelec to summon Duterte Youth’s first nominee over surname controversy
By Justine Xyrah Garcia
THE Commission on Elections (Comelec) will require the Duterte Youth party-list’s first nominee to explain inconsistencies in her declared surname, following online allegations that she may have committed material misrepresentation.
Comelec Chairman George Erwin M. Garcia confirmed on Thursday that the poll body’s law department will issue a motu proprio show cause order to Drixie Mae S. Cardema after social media users raised questions about her use of the “Cardema” surname.
In her Certificate of Acceptance of Nomination (CAN), Drixie Mae declared her full name as “Drixie Mae Suarez Cardema” and indicated that she was single. This document was sworn under oath and signed by Duterte Youth chairman Ronald Cardema in the party-list’s Certificate of Nomination (CON).
However, Drixie Mae’s 2022 CON-CAN listed her full name as “Drixie Mae Doctor Suarez”—a detail consistent with her voter registration record circulating online.
Only her sister, Ducielle Marie, legally bears the Cardema surname through her marriage to Ronald Cardema. Chairman Garcia clarified that the issue
has currently no bearing on the status of Duterte Youth’s nomination, especially since no formal petition to cancel Drixie Mae’s nomination has been filed.
“As of now, we have not seen any violation. These are merely allegations. Let’s allow her to respond first…We should not jump to conclusions that she lied or committed a violation,” Garcia said in a sideline interview. He added that the poll body cannot cancel a nomination motu proprio without going through due process.
Garcia said the commission will first examine whether Drixie Mae may have committed perjury or an election offense, considering she declared under oath that she bears the Cardema surname.
“Technically, at this point, there’s no effect whatsoever on the nomination of the number one nominee,” Garcia said, stressing that he does not want to preempt any potential actions Comelec may take moving forward.
Duterte Youth ranked second among party-list groups in the May 12 elections, earning them three seats in the House of Representatives.
However, they have yet to be proclaimed after the Comelec en banc opted to suspend their proclamation due to a pending petition seeking to cancel the party-list’s registration.
₧694.44-million feasibility study for 25 priority bridge projects across 11 regions
THE Department of Public Works and Highways (DPWH) is set to begin the feasibility study for 25 priority bridge projects across 11 regions under the second phase of the Urgent Bridges Construction Project for Rural Development (UBCPRD).
Funded by a P694.44-million loan from the Asian Development Bank (ADB) under its Infrastructure Preparation and Innovation Facility – Additional Financing, the feasibility study will be conducted over 24 months.
The consultancy will support the planning and preparation for the construction or replacement of approximately 18.78 kilometers of bridges and approach roads, covering 25 bridges across 11 regions.
“By expanding bridge infrastructure with ten in Luzon, six in Visayas, and nine in Mindanao, the project is expected to enhance transport efficiency, strengthen
disaster resilience, and boost local economies—especially in remote and underserved areas,” Public Works Senior Undersecretary Emil Sadain said.
These include conventional prestressed concrete girder (PSCG) bridges, cable-stayed and arch bridges, as well as steel truss and extradosed designs.
Notable projects are the proposed Manguisoc Bridge in Camarines Norte, the Daram-Talalora Bridge in Samar, and the new Butuan Bridge in Agusan del Norte. The consulting consortium—led by SMEC International Pty Ltd., in joint venture with Oriental Consultants Global Co., Ltd., COWI A/S, SMEC Philippines Inc., and PRIMEX—will undertake the study. Once completed, the bridges are expected to play a pivotal role in improving logistics, supporting disaster response, and integrating local economies into the national infrastructure network. Lorenz S. Marasigan
DOH assures sufficient funds to pay off Covid loans, supports vape tax amid debt concerns
THE government has sufficient funds to pay for its maturing novel coronavirus disease (Covid-19)-related loans, according to the Department of Health (DOH).
DOH Secretary Teodoro J. Herbosa made the remark when asked if he would back the proposal for raising the tax on Sweetened beverages and Vape products to help the government pay its outstanding pandemic related debts.
“I’m sure—the fact that our GDP [gross domestic product] is already probably at six percent increase every year, I’m sure that [debt] was already computed and can be paid by the DOF [Department of Finance],” he said.
He also said the government was able to reduce the amount of its Covid-19-related loans after the pandemic.
“In fact, the loans, which were borrowed were too much [for the government’s needs] and some of the loans were returned. In fact, in some of my initial acts, all the loans that were no longer usable were returned,” Herbosa said.
“So, that’s all the test kits that were spent on and then the vaccines and medicines that we will pay for during the maturation,” he added.
Last Wednesday, House Committee on Ways and Means Chairman Joey Sarte Salceda said the country’s P464 billion Covid-era debts will significantly constraint the country’s 2026 General Appropriations Act (GAA). To address the matter, he said the government may be forced to resort to cutting down social aid, reducing infrastructure spending, or enacting new tax reforms.
He said the Marcos administration may consider passing the additional tax measures: Mining Fiscal Regime Reforms, Sweetened Beverage Tax Reform, Tobacco Tax Reform, Plastic Waste Taxation, the Motor Vehicle Road User’s Tax Act, and the Military and Uniformed Personnel Pension Reform. Herbosa said he supports the proposed additional tax for Vape products.
Industrialization: Key to high-value jobs and economic growth
AS the Philippines continues to navigate its economic growth trajectory, a pressing concern has emerged: the country’s over-reliance on the services sector, which, although vital, is dominated by low-value-added and low-paying jobs. According to Rafaelita M. Aldaba, Research Fellow and former Trade Undersecretary at the Philippine Institute for Development Studies (PIDS), the Philippines must prioritize industrialization to create high-value and high-paying jobs. (Read the BusinessMirror story: “Faster pace of industrialization to create high-value, solid jobs,” May 29. 2025).
The statistics are stark. While the services sector has been the main driver of economic growth, with a 6.3-percent growth in the first quarter of 2025, it is largely comprised of low-value-added activities such as wholesale and retail trade, repair of cars and motorcycles, and financial and insurance activities. These sectors, although important, do not have the same potential for growth and job creation as a robust manufacturing sector.
The consequences of premature de-industrialization are far-reaching. With a stagnant manufacturing sector, the country is forced to rely on the services sector to absorb entrants to the labor force, leading to a proliferation of low-paying jobs. This not only hampers economic growth but also perpetuates inequality and poverty.
Aldaba’s call to action is clear: the Philippines must take a hard look at its economic strategy and prioritize industrialization. This requires a multi-faceted approach, including investing in human resources, addressing the job-skills mismatch, and integrating services into manufacturing. The “servicification” of manufacturing, which involves leveraging the country’s strengths in technologydriven activities like IT and Business Process Management (ITBPM), is a promising strategy.
The benefits of industrialization are well-documented. A strong manufacturing sector can create high-value and high-paying jobs, drive innovation, and increase productivity. It can also help to reduce the country’s reliance on imports and increase its competitiveness in the global market.
To achieve this goal, the government must take a proactive role in supporting the development of the manufacturing sector. This can be done through a range of policies, including investing in infrastructure, providing incentives for investment, and promoting research and development. The education system must also be reformed to provide students with the skills and competencies needed by industries.
The country’s economic growth and development depend on its ability to industrialize and create high-value and high-paying jobs. The government, policymakers, and stakeholders must work together to prioritize industrialization and implement policies that support the growth of a robust manufacturing sector. Only then can the country achieve sustainable and inclusive economic growth, and provide its citizens with better opportunities for a brighter future.
BusinessMirror
Nudge theory
IEAGLE WATCH
N economics, “homo economicus” (often translated as “economic man”) is a description of individuals as rational, self-interested agents who make decisions to maximize their own utility. It assumes that individuals have consistent preferences and perfect knowledge of their options. They act solely to benefit themselves.
This notion, however, has not gone unchallenged. One counterargument is the lack of realism. Critics note that the model is overly simplified and does not accurately reflect human behavior, which is often influenced by emotions, social norms, and other factors. Another counterargument is bounded rationality. Individuals may not always possess perfect knowledge or the ability to process information efficiently, which can lead to suboptimal decisions.
Thus, behavioral economics has emerged to challenge these “homo economicus” assumptions by combining insights from both economics and psychology. In essence, behavioral economics aims to demonstrate that individuals can be influenced by biases, heuristics, and other cognitive limitations.
Now, a big social problem that behavioral economics attempts to address is why people make bad financial decisions. For example, people are enticed to get loans because of the seemingly low interest rates being offered. An advertisement can say, “Convert your credit limit
to cash and pay in fixed monthly installments. Get as low as 0.99 percent monthly add-on rate for 36 months. Have your application processed in as fast as five banking days. Avail up to 100 percent of your credit limit.” Why do people grab it? One possible explanation is poor financial literacy. People may not be taught essential money skills such as budgeting, forecasting, and basic money management. Not understanding how compound interest works often leaves people consumed by debt and unable to build wealth.
Perhaps, had people known better, they would have immediately realized the enormity of the financial burden. More importantly, they would have hesitated. If the principal amount were P125,000, dividing it by 36 months would yield P3,472.22 per month. The “low” monthly addon interest rate of 0.99 percent would be multiplied to the principal to get P1,237.50. So, every month for 36 months, one would be paying P3,472.22 + P1,237.50 = P4,709.72. The effective annual interest rate would be 23.1503 percent.
One example of nudge theory at work is the National ID system. It actively promotes financial inclusion by streamlining identity verification for financial transactions and partnering with financial institutions to onboard individuals, especially those previously unbanked, into the banking system.
Another possible explanation, which delves more into human psychology, essentially points to a lack of self-control. When it comes to wealth creation, self-control can even be more important than financial knowledge per se. The ability to defer gratification and exercise selfcontrol involves planning ahead to what might be and then weighing it against the opportunity that presents itself at the moment. The ability to plan, weigh up the opportunity costs, and delay gratification is a key predictor of success later in life. Sadly, however, today’s consumeristic culture has resulted in an increase in impulse spending, as more and more consumers connect with the pleasure of purchases. Nowadays, it is more common to hear expressions such as “keeping up with the Joneses,” “fear of missing out,” and “you only live once.”
So, how can society address the problem? Behavioral economics proposes nudge theory, which refers to the subtle influencing of people’s choices by making certain options easier or more attractive, without restricting freedom of choice. These “nudges” are not mandates but rather subtle design changes that can steer individuals toward choices that may
Exchange rates in seafarers’ remittances
be in their best interest or align with specific goals.
One example of nudge theory at work is the National ID system. It actively promotes financial inclusion by streamlining identity verification for financial transactions and partnering with financial institutions to onboard individuals, especially those previously unbanked, into the banking system.
Another application of nudge theory is the adoption of the Responsibility and Disclosure Act of the United States, which requires banks to spell out to their customers the cost of repaying credit card balances when making only minimum payments vis-à-vis the cost of repaying credit card balances with the intention of zeroing out in three years. For example, a monthly credit card statement can state this: “If you pay the minimum amount of P811.24 per month, your debt will double in three years. However, if you pay P3,716 per month, you will zero out your debt in three years.” Lastly, nudge theory can be used to make people hesitate before deciding to skip their voluntary contributions to the Social Security System, the Philippine Health Insurance Corporation, and the Home Development Mutual Fund. Perhaps, people do not like paperwork, but an explicit statement on the application form like this one can make them think twice: “Please cancel my monthly contribution of P100, which, at an annual interest of 5 percent, would have entitled me to P83,225 after 30 years.”
Dr. Ser Percival K. Peña-Reyes teaches economics at the Ateneo de Manila University. He discussed nudge theory during the Ateneo Eagle Watch Briefing at Ateneo Rockwell Campus on March 6, 2025.
Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando
IDennis Gorecho
Pinoy Marino Rights
N 2024, there are 504,057 deployed sea-based workers, with corresponding remittances totaling US$6,941,085,000.
It is estimated that there is one Filipino seafarer for every four to five crew on board a vessel at any time.
In terms of 2024 total remittances amounting to $34,492,616,000, the sea-based sector sent home $6,941,085,000, or almost 20 percent, while the land-based sector sent home $27,551,532,000.
In terms of deployment, the Department of Migrant Workers (DMW) reported that the total number of Filipino seafarers deployed overseas reached 376,663
in 2017; 337,502 in 2018; 507,730 in 2019; 217,223 in 2020; 345.52 in 2021; 385,239 in 2022; 578,626 in 2023; and 504,057 in 2024.
Records from the Bangko Sentral ng Pilipinas (BSP) indicate the sea-based sector’sremittances(inthousandUSdollars) for the past 20 years: $1,669,358 in 2005; $1,949,290 in 2006; $2,236,363 in 2007; US$3,034,553 in 2008; US$3,400,412 in 2009; $3,806,108 in
Blogger Fred Uno of MarineCafe. com pointed out in an article that Filipino seafarers are being shortchanged in the conversion of their dollar remittances to pesos as he described such practice as “thievery” in the maritime industry.
2010; $4,340,416 in 2011; $4,835,342 in2012;$5,215,378in2013;$5,575,722 in2014;$5,572,148in2015; $5,792,459 in 2016, US$6,870,827 in 2017; $6,139,512 in 2018; $6,539,246 in 2019; $6,353,522 in 2020; $6,545,002 in 2021; $6,715,880 in 2022; $6,852,362 in 2023; and $6,941,085 in 2024. The data showed the yearly increase of remittances (in thousand US dollars) in 2006 ($279,930) 2007 ($287,073), 2008 ($798,190), 2009 ($365,859), 2010 (US$405,696), 2011 (US$534,308),
2012 ($494,926), 2013 ($380,036), 2014 ($360,344), 2015 ($220,311), 2016 (US$220,311), 2017 ($1,078, 368), 2018 (US$731,315), 2019 ($399,734), 2021 ($191,480) 2022 ($172,878), 2023 ($136,482), and 2024 ($88,723). The remittances decreased in two years: 2015 by $3,574 and 2020 by $185,724. Remittances provide macroeconomic benefits to the Philippine economy, where a significant portion of the population lives and works abroad. They augment foreign currency reserves, alleviate pressure on the exchange rate, and reduce the need for foreign borrowing. Remittances also support capital market development, enabling recipients to accumulate productive assets and invest in financial instruments, while enhancing human capital. See “Gorecho,” A21
Dr. Ser Percival K. Peña-Reyes
Elon Musk urges Americans to help ‘kill’ Trump tax bill
By Erik Wasson
ELON MUSK is on a mission to block President Donald Trump’s tax bill after he tried—and failed—to convince Republican lawmakers to preserve valuable tax credits for electric vehicles in the legislation, according to a person familiar with the matter.
The Tesla Inc. chief executive officer personally appealed to House Speaker Mike Johnson to save the tax credit, the person said, requesting anonymity to discuss a private conversation. The House version of the tax measure calls for largely ending the popular $7,500 electric car subsidies by the end of 2025.
Since losing that battle, Musk ratcheted up his offensive against the president’s signature legislation on Wednesday, urging that Americans contact their lawmakers to “KILL” the legislation, pinning his opposition to the bill’s $2.4 trillion price tag.
“Call your Senator, Call your Congressman,” Musk wrote in a social media post. “Bankrupting America is NOT ok!”
The post came one day after Musk lashed out at the tax bill, describing it as a budget-busting “disgusting abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package. Musk did not immediately respond to a request for comment.
NBC News reported earlier on Musk’s overture to Johnson.
Representative Thomas Massie, a Kentucky Republican who voted against the measure, defended Musk, saying in a post on X: “He knows if America collapses financially, we aren’t making it to Mars. He’s right.”
Trump hasn’t publicly responded to Musk’s comments, but the White House put out a statement Wednesday saying the legislation “unleashes an era of unprecedented economic growth.” Tensions between Musk and the White House have flared in recent days after the tech titan formally stepped down from his role leading Trump’s federal cost-cutting effort, the Department of Government Efficiency.
After a meeting with Trump and Republican senators at the White House on Wednesday evening, Senator Roger Marshall of Kansas told Bloomberg Television that “Elon was not important at all as far as this conversation goes.”
Earlier, Johnson told reporters that Musk was “dead wrong” about the bill and that the tax cuts would pay for themselves through economic growth. Musk’s public condemnation pits him against the president at a critical time as Trump is personally lobbying holdouts on the bill. His campaign against the legislation threatens to stiffen resistance and delay enactment of the tax cuts and debt ceiling increase.
Musk has attacked the legislation days after leaving a temporary assignment leading the administration’s Department of Government Efficiency initiative to cut federal spending. The Tesla Inc. chief executive officer’s highprofile role in the Trump administration eroded his business brand and sales of his company’s electric vehicles plunged.
The House-passed version of the tax and spending bill would add $2.4 trillion to US budget deficits over the next decade, according to
. . continued from A20
Unlike land-based OFWs, DMW Seafarer Employment Contract (SEC) mandates that a Filipino seafarer has to make an allotment which shall be at least 80 percent of the seafarer’s “monthly basic salary”, payable once a month to his designated allottee in the Philippines.
Under the Magna Carta for Filipino Seafarers, the allotment shall be
Life has known this street
WMusk’s public condemnation pits him against the president at a critical time as Trump is personally lobbying holdouts on the bill. His campaign against the legislation threatens to stiffen resistance and delay enactment of the tax cuts and debt ceiling increase.
an estimate released Wednesday from the nonpartisan Congressional Budget Office.
The CBO’s calculation reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which Johnson and Trump argue would offset the revenue losses.
Johnson said Musk had promised to help reelect Republicans just a day before savaging Trump’s bill, adding that he did not want to ascribe a personal motive. Musk did not respond to a request for comment.
Separately, Jared Isaacman, a financial technology billionaire, appeared to suggest Trump withdrew his nomination to run NASA because of his close ties to Musk.
“There were some people that had some axes to grind, I guess, and I was a good visible target,” Isaacman said on an episode of the All-In Podcast released on Wednesday.
His ouster was driven by Sergio Gor, the head of the White House Presidential Personnel Office, according to people familiar with the matter.
Gor and Musk had butted heads during the billionaire’s tenure running the Department of Government Efficiency, the people said, and Gor moved to have Isaacman’s nomination withdrawn after Musk pulled back from the administration.
A White House spokesperson said Trump ultimately makes the decisions regarding who will serve in his administration.
Musk, the world’s richest man with a net worth of about $377 billion according to the Bloomberg Billionaires Index, has become a crucial financial backer of the Republican party. After making modest donations most years, Musk became the biggest US political donor in 2024, giving more than $290 million.
Most of Musk’s political giving was aimed at electing Trump but he also supported congressional candidates. America PAC, the super political action committee that Musk largely funded, spent $18.5 million in 17 separate House races. Though that total pales in comparison to the roughly $255 million he spent backing Trump, the spending means a lot in a congressional election, where challengers on average raise less than $1 million. With assistance from Bill Allison, Kailey Leinz, Joe Mathieu and Ari Natter/Bloomberg
at least 80 percent of the seafarer’s “monthly salary.” The word “basic” was omitted. Basic wage under the DMW SEC is defined as “the salary of the seafarer exclusive of overtime, leave pay”.
Senator Ramon Tulfo said that this allotment was previously calculated only from a seafarer’s monthly basic salary. However, under the Implementing Rules and Regulations (IRR) of the law, the fixed or guaranteed overtime pay is now also included in computing the 80% allotment.
Genova Valiente ANNOTATIONS
ITHIN three months or even less, deaths have occurred in these two houses fronting my home. As the houses where they lived shared a boundary, a fence with handsome hedges and plants, it could have been a year and their demise— or passing on—would still matter.
They were what you may call “death of natural causes.” Nothing tragic and sudden, or unexplained. Afflictions have made their disappearance a natural consequence. Both were women, housewives. They had children—that was enough for their memories to be substantial. On that street, in their respective families and home they were important.
Every day for the short years I lived on that street, I have known them both. One was the wife of a family friend; the other was kin.
The first one had a store managed by her husband. She was a diligent partner. In a small village, one learned fast about other people. Depending on one’s sociability or capacity to intrude, one can either directly inquire about that other person or be quiet and remain the observer. I was the latter, respectful of the distance, polite about selves.
There were mornings when she was busy with their yard; there were evenings when she was still puttering about in the dark, watering some small potted plants. With two sons and a husband, she was a gentle presence in that home.
Then came nights when ambulance trips became frequent at her home. I always was delayed in finding out who was taken by the paramedical unit for check-up. Not that
I should know first but in village life, to be interested in other homes was still valued. Still, it is perhaps another set of predispositions attending my own existence that stopped me from being more inquisitive.
One night, as I was about to go to bed, I could sense a glare of bright yellow lights casting their mighty glow from the gentle woman’s home. The next morning, it was there that black strip of cloth with her name on it outside the door to their home.
The second death was closer to home—she was a cousin. She was an assurance when I moved to that area.
A kin no less, another home I could call my own. Her husband had assured me of my safety. She had health issues but she was moving around. Her children were all with stable families. Then she started using a wheelchair. Every now and then, she would be accompanied by a caregiver who would bring her out of the home and onto the street for an early morning walk. When I was up early, she would call me and we would talk.
These morning sessions soon came to a stop. From my window, I would see her inside their gate, seated, the morning sun on her face. Even that ceased. Then came the frequent trips to the city hospital.
Kinship has informed us how she had become bedridden.
Was it this week she passed on?
It has been my habit to write late at night and take a break from all this task by going out of my house, stepping onto a small landing outside my screened door, just gazing into the night. When the moon is full or even if everything around me is dark, I always look up, measure the stillness of the sky. I listen to the sound of the leaves in the shadows and feel the imagined chill around.
The two recent deaths have added a feature to this nightly act of mine: I look at these two gracious homes fronting my own. I contemplate their newly acquired calmness, the absence of mothers in their spaces. I think of all the mothers who have gone ahead and remember how they must have treasured having their own homes, guarding them mightily for their own children.
In ancient tales, we are told of mothers whose hearts return with the wind and the hushed rains at mid-
Trump stymied in ‘Art of the Deal’ approach to world’s strongmen
By Natalia Drozdiak and Courtney McBride
PRESIDENT Donald Trump has long boasted about his ability to cut deals with the world’s strongmen. But now that he’s back in the White House, his charms haven’t worked on the leaders he professes to admire.
In the last 48 hours, Trump has been rebuffed by the leaders of Russia, China and Iran, countries that he promised swift accords with on the campaign trail. His promises to end the conflict in Ukraine, cut a trade deal with Chinese President Xi Jinping and get a better nuclear deal with Iran have yet to bear fruit.
“I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”
Trump wrote in a social media post early Wednesday. Hours later, he held a phone call with Putin and conceded it was “not a conversation that will lead to immediate Peace.”
Those laments marked reversals from Trump and his team, who have said repeatedly the only way for those problems to be solved would be through Trump’s direct involvement. Instead, the president is coming face to face with the fact that leaders like Russia’s Vladimir Putin and China’s Xi aren’t as willing to back down as he’d predicted.
Former Kabayan Party-list Rep. Ron Salo said that the allotment will apply to 80 percent of the basic wage, plus fixed overtime, and not to the 80 percent or even a 100 percent of the total income.
The allotments shall be paid to the designated allottee/s in Philippine currency at the rate of exchange at the time of remittance indicated in the credit advice of the local authorized Philippine bank, which information shall be provided to the designated allottee/s.
Rinell Banda, founder of Buhay
It’s also a reminder that Trump’s promise to American voters and the rest of the world was that he had the cunning and toughness, forged in the rough and tumble of New York City real estate, to stare down leaders like Xi and Putin in ways that his predecessor couldn’t.
Some allies, such as the United Arab Emirates, have remained faithful thanks to the promise of massive investment. At the same time, the president has managed to twist arms and curry favor among smaller countries such as El Salvador and Panama.
“The countries that the president can bully are America’s friends, because they don’t want a rupture in the relationship, whereas America’s adversaries are perfectly willing to run that risk,” said Kori Schake, director of foreign and defense policy studies at the American Enterprise Institute.
Trump has all but taken the threat of sanctions off the table with Russia, and his social media post on Wednesday appeared to concede Putin’s claim that he has a
sa Cruise Ship Facebook community, said many seafarers prefer to save their income onboard so that they will not have to pay so much for foreign exchange differentials and remittance cost.
Blogger Fred Uno of MarineCafe. com pointed out in an article that Filipino seafarers are being shortchanged in the conversion of their dollar remittances to pesos as he described such practice as “thievery” in the maritime industry. It is a known practice of some unscrupulous manning agencies to
right to retaliate after devastating Ukrainian drone strikes on air bases over the weekend.
Putin himself has rejected calls for talks to end the conflict as Trump has demanded.
“How can such meetings be held under these conditions? What is there to talk about?” Putin said during a televised meeting with government officials, citing separate attacks on bridges he blamed on Ukraine.
The US is also trying to prevent Iran from acquiring nuclear weapons but Iran’s Supreme Leader Ayatollah Ali Khamenei on Wednesday criticized a US proposal for a nuclear agreement and called American officials “arrogant” for expecting the Islamic Republic to cease uranium enrichment.
And Trump has lost much of his leverage with China, which has ramped up export controls on muchneeded rare earth minerals that go into car batteries and mobile phones. Instead, China is shifting its attention toward Europe, where it sees an opening for deeper trade ties.
Contrary to his apparent conviction that a trade war would prove devastating for Beijing, Xi’s government has turned the tables, using export controls on rare earth metals to squeeze key US industries as it seeks to weather higher US tariffs,
shave off at least one or two pesos from the foreign exchange rate, misleadingly calling the cut as “service charges.”
It is not uncommon for unscrupulous manning agents to keep part of the remittances when converting the money to pesos by using an exchange rate that is usually one or two pesos lower than the official BSP rate.
night to shower upon the roofs and flower beds of their homes. There are accounts of backyards swept of debris and rotten leaves because mothers could not bear to see their gardens forgotten or untended. Death, it seems, cannot stop mothers from doing their duties. Death, however, knows us as only it can know us. On this street, death came twice in less than three months. Does Death recognize streets and house numbers and does it bear consciousness and talk to itself? “Too much already on this street.” “Not neighbors, please!” “Maybe, I should skip one?”
Life has known our street. It is only proper that it should also know about the other life’s lessons, which are taught by passing on and remembering and forgetting, and remembering again.
E-mail: titovaliente@yahoo.com
tighter tech restrictions and efforts by the administration to array regional allies against Beijing.
Trump doesn’t necessarily prefer authoritarian strongmen, said Jeremy Shapiro, director of the US program at the European Council on Foreign Relations. But “he relates better to them, and he respects them more. So he’s more wary of threatening them or wary of trying to make unequal bargains with them.” In dealing with Russia, US officials have said the Biden administration’s strategy of hitting Moscow with sanctions failed to end the war so they are trying new approaches. Yet some leaders fear that it also means Trump is closer to washing his hands of the conflict, as he’s threatened to do.
Trump has bristled at the idea that he’s backing down. “It’s called negotiation,” he said last week when asked for his response to the new term coined by investors known as the Taco Trade—Trump Always Chickens Out.
“If the world reacts weakly to Putin’s threats, he sees that as a willingness to turn a blind eye to his actions,” Ukraine President Volodymyr Zelenskyy said in a social media post. “When he feels neither strength nor pressure, but weakness, he commits yet more crimes.” Bloomberg
Such tampering with the dollarto-peso rate, he added, results to the shortchanging of Filipino seafarers since their families receive less than they should in allotments.
The DMW Secretary Hans Leo Cacdac said that manning agencies must follow the bank rate during remittances (allotment) and noncompliance could result in penalties: a six-month suspension for the first offense, one year for the second, two years for the third, and license cancellation for the fourth.
Tito
WB tempers expectations of PHL growth, cites jitters
By Cai U. Ordinario @caiordinario
THEPhilippine government’s growth targets may remain elusive even after the President steps down from office, according to the World Bank.
In its latest Country Partnership Strategy (CPS), the World Bank bared its GDP growth expectations for the Philippines between 2025 and 2031, the new scope of its work in the country.
The World Bank said GDP growth may average 5.3 percent in 2025; 5.4 in 2026; 5.5 percent in 2027; 5.7 percent in 2028; 5.8 percent in 2029 and 2030; and 5.9 percent in 2031.
“The average GDP growth forecast for 2025-2027 is expected at 5.4 percent. Risks are mostly tilted downside and include potential retaliation by main global players that may affect global growth further, probably hitting domestic growth.
Increased uncertainty could trigger instability in financial markets and
capital flight,” the World Bank said.
“On the upside, the Philippines may benefit from improved margins of preference for key export products, and from lower global commodity prices (tied to lower global growth), and absent any external pressures, the prospect of continued monetary policy rate normalization,” it added. Inflation, however, is expected to remain within the 2 to 4 percent target until 2031. The World Bank said inflation is expected to average 3 percent in 2026, 2027, and 2031.
Projections point toward 3.1 percent in 2025, 2029, and 2030. However, inflation will likely be higher at 3.2 percent in 2028.
The World Bank noted that risks
THE United Nations (UN) expenditures for its projects in the Philippine posted a double-digit increase in 2024, according to its latest annual report.
UN Philippines reported that its expenditures for 2024 reached $137 million in 2024, an 11.746-percent increase from the $122.6 million posted in 2023. These expenditures helped support domestic implementation and policy development across human development, inclusive economic growth, and environmental sustainability priority areas.
“The country’s significant political, economic, and development gains are driving transformation in the Philippines. The United Nations is adapting its tools and support to align with these goals,” said UN Philippines Resident Coordinator Arnaud Peral.
“Beyond projects, the UN in the Philippines is increasingly focusing on high-level policy advice and domestic implementation support—reflected in our shared achievements in 2024,” he added.
In 2025 and beyond, the United Nations in the Philippines aims to continue to recalibrate its strategies to align with the country’s evolving priorities.
“There will be a stronger emphasis on supporting large-scale, multi-sectoral, nationally owned interventions, as well as sustained efforts in human capital development and transition support in the Bangsamoro Autonomous Region in Muslim Mindanao,” the UN said.
In 2024, UN Philippines said human development which covered healthcare, nutrition, education, housing, governance, and peacebuilding accounted for the largest share of UN support worth $84.2 million in 2024.
In health, UN said efforts between the government and the UN improved child immunization
rates, particularly against measles. This removed the country from the list of the top 10 countries with the highest number of “zero-dose” children or those who have not received any vaccinations.
Initiatives in child education and protection were also carried out. These included a school meals program which improved both nutrition and attendance, while targeted projects addressed child labor, early and forced marriage, and adolescent pregnancy—helping keep children in school and safe from harm.
“As the United Nations approaches its 80th anniversary, its work remains deeply relevant in the Philippines, one of its founding members,” Peral said.
“At the same time, the UN will work with the Philippines to showcase its experiences, good practices, and leadership globally. With its perseverance, resilience, ambition, and leadership, the Philippines has so much to offer the multilateral system—and the world,” he added.
The second-largest investment area—a total of $27.1 million— focused on sustainable economic development, innovation, and decent work.
The UN provided targeted support to micro, small, and medium enterprises (MSMEs), which make up 99.5 percent of Philippine businesses.
This included access to business and investment opportunities, capacity building, market linkages, internationalization, and digitalization, including training on artificial intelligence (AI) tools.
Investments in environmental sustainability reached $25.7 million, covering disaster risk reduction (DRR), water and sanitation, resilience building, circular economy promotion, low-carbon development, and biodiversity management. Cai U. Ordinario
remain on the upside when it comes to inflation due to high food prices, particularly rice, impacting living standards of the poor the most.
“Slower forecast growth (for 2025) is driven by the direct impacts of the higher tariffs and trade policy uncertainty on demand for exports, the effects of increased global policy uncertainty on investment demand, and the indirect effects on export and investment demand through lower global growth,” the World Bank said.
“These negative effects are dampened as the Philippines is mostly integrated in services rather than merchandise value chains (that have been most affected by trade policy barriers), and as public investment and private investment in non-tradables is expected to remain robust,” it added.
Challenges MEANWHILE , the Washingtonbased lender said these expectations are contingent on how the country will respond to challenges, namely high income inequality and climate change.
The document stated that while the gap between the rich and the
poor narrowed during the economy’s recovery from the lockdowns imposed to curb the spread of Covid-19, it remains high compared to its peers in the Asean.
The World Bank said that in 2023, the Gini index, a measure of inequality, decreased to 39.3, the first time it has fallen below 40 since its calculation began.
The data also showed that between 2009 and 2023, income growth was higher for poorer households than for those considered better off.
For the poorest 40 percent, the World Bank said, income growth averaged 7.3 percent compared to the overall income growth of 3.4 percent.
“Despite accelerated poverty reduction and sustained income growth for the bottom 40 percent, significant disparities persist: the top 1 percent captured 20 percent of national income, while the bottom 50 percent only 13 percent,” the World Bank said.
In terms of climate change, the World Bank said that globally, the Philippines is the most exposed to natural hazards and at risk of natural disaster.
GOVT EYES ANOTHER CUT IN MSRP FOR IMPORTED RICE TO P43 A KILO
By Ada Pelonia
THE Department of Agriculture (DA) is mulling over another cut to the maximum suggested retail price (MSRP) for imported rice to P43 per kilo as part of efforts to tame inflation further.
Agriculture Secretary Francisco Tiu Laurel Jr. confirmed that the agency is looking at reducing the MSRP for imported rice from the current P45 per kilo by July 1.
“We are expanding the reach of the P20 rice program and are studying a reduction in the [MSRP] for imported rice, the national staple that dominates Filipino tables, especially among the poor,” Laurel said in a statement.
The Philippine Statistics Authority (PSA) on Thursday reported that headline inflation slowed to 1.3 percent in May, the lowest since the 1.2 percent recorded in November 2019.
“This deceleration was largely driven by a steady decline in rice prices, an area the DA has targeted through various initiatives.”
The DA noted that, according to Economic Planning Undersecretary and National Statistician Claire Dennis Mapa, the P20 per kilo rice program’s rollout and the recent adjustments in retail rice prices are “expected to influence inflation through at least August.”
In April, Laurel noted that the
P45 per kilo MSRP would be the last adjustment over the next two months due to the slump in farmgate prices of palay.
He explained that the break in MSRP cuts for imported rice would prevent traders from speculating that the agency would further adjust it downward, thus allowing farmers to earn more.
The DA chief said the agency is also reassessing its approach to the swine industry, revising previous measures to keep pork prices affordable.
In a recent move, Laurel said the government is eyeing to reinstate the MSRP for pork as early as end-July, which would involve the Food Terminal Inc. (FTI) intervening in the market to bolster competition that could pull down prices of the protein source. Meanwhile, the DA announced that the government launched three new Kadiwa centers in Bacolod City, offering low-cost produce, including the cheaper rice program.
This brings the total number of P20 rice outlets to 87, exceeding the original target of 55 outlets by end-June, it added. The government launched the P20 per kilo rice program last month in its bid to free up National Food Authority (NFA) warehouses and ensure stable prices, which could benefit up to 60 million Filipinos.
By Bless Aubrey Ogerio
WHILE urban families spend more in supermarkets, rural households shell out more overall on weekly food expenses, according to the latest findings from the 2023 National Nutrition Survey.
The report, led by the Food and Nutrition Research Institute (FNRI), revealed that rural households consistently spent P100 to P500 more per week on food across various sources, including homegrown produce, traditional markets, modern groceries and even food aid. Urban families, however, led in
supermarket spending, typically shelling out more than P1,000 each week at modern outlets.
In the countryside, natural food environments remain vital. Nearly 45 percent of rural respondents said they relied on home gardens or backyard farming for food, while almost a quarter (23.9 percent) turned to wild harvesting.
City dwellers, on the other hand, leaned heavily on prepared food sources such as carinderias (62 percent), public markets (56.5 percent), and street vendors (52.1 percent), where cooked meals and ready-to-eat options are readily available. Access to modern retail op -
tions—groceries, supermarkets, and convenience stores—was significantly higher in urban settings, reflecting easier access to commercial and processed goods.
These outlets remained scarce in rural areas,
and
Still, the
store remains
Editor: Jennifer A. Ng
DOTr to Sumitomo: Hasten testing of trains from Dalian SEC receives high marks from COA
By Lorenz S. Marasigan @lorenzmarasigan
THE Department of Transportation (DOTr) has directed Sumitomo Corp., the maintenance provider of the Metro Rail Transit Line 3 (MRT-3), to fast-track the testing and compatibility checks of the long-idled Dalian-made train sets.
Transportation Secretary Vince Dizon on Thursday said he ordered the Japanese firm to promptly determine the requirements to safely integrate the Chinese-built light rail vehicles (LRVs) into daily operations.
“The Dalian trains can actually run on MRT-3 tracks, but this needs to be cleared by the current maintenance operator of the MRT-3, which is Sumitomo Corp. of Japan.”
To recall, Chinese train manufacturer Dalian was tapped by the Aquino administration to supply 48 coaches for the MRT-3 for P3.8 bil -
lion. They were delivered in 2016, but technical issues were raised.
In 2018, Dalian agreed to shoulder all costs to solve the issues raised in the independent safety audit and assessment conducted by German company TUV Rheinland. Dalian started working on modifying the weight, signaling, and maintenance equipment compatibility of the trains in July 2019 with Japanese company Toshiba Infrastructure Systems supervising and evaluating the process to ensure that the Chinese company addressed issues raised.
To date, the trains have yet to be deployed—almost a decade late from their delivery—pending safety clearances.
“Sumitomo Corp. will meticulously go through their processes and make sure that these trains, if usable, will be used safely for the benefit of our commuters,” Dizon said.
He noted that he is confident
that Sumitomo can provide the government clarity on when—or if— the Dalian trains can be deployed.
“I’ve spoken to them about this several times already and I gave them a deadline to give me a report and a straight answer: what do we need to make these trains run?”
Dizon said.
MRT-3 served an average of 375,474 passengers daily in 2024.
IDC unit seals joint venture deals
By VG Cabuag @villygc
ITALPINAS Development
Corp. (IDC) said Thursday its unit IDC Homes Inc. signed two joint venture agreements for an upcoming project in Puerto Princesa and in Misamis Oriental.
IDC said its board has approved an agreement with Ma. Antonieta C. Marcelo to develop a 78,870-square meter property into a mixed-use subdivision project in Brgy. Caniguran, Puerto Princesa City. The second joint venture involves Arsenio B. Manuta to develop a 9,288-square meter property into a mixed-use condominium
project in Brgy. Quezon, Gitagum, Misamis Oriental.
IDC had reported that its income doubled to P376.8 million last year from the P186.3 million recorded in 2023, mainly due to the higher sales of its ongoing projects in Batangas and in Cagayan de Oro. The company said this was also a result of combined efforts to increase gross margin and reduction
of certain fixed costs such as project management, administrative and marketing cost and interest expense.
“Another significant contribution here is the gain on appraisal of the company’s investment properties recognized in 2024, which reflects the rise in their fair market value during the year.”
Sales also doubled to P600.26 million in 2024 from the P299.11 million posted in 2023 mainly due to thet “thriving sales” of ongoing projects like Primavera City Verde in Cagayan De Oro and Miramonti 1 in Sto. Tomas Batangas.
“From inception, IDC has focused on being an early mover in emerging locations, foreseeing
the current shift in real estate focus from Metro Manila to provinces, and this has paid off with the significant generated sales from these flagship projects during the year.”
Last April, the company said it aims to sustain growth by expanding into several prime locations across the country, including Palawan, Boracay, Bataan and Bukidnon.
“These new flagship projects aim to deliver IDC’s signature eco-friendly, sustainable, and innovative developments, further cementing its position as a leader in the real estate market.”
SM Group: Personal shoppers to enhance customer experiences
THE SM Group said it hired more than 800 personal shoppers nationwide, who will assist its customers for their shopping needs, and guarantees delivery as early as same day.
Citing a recent 2025 global consumer trends report by experience management firm Qualtrics, SM Group said 64 percent of consumers prefer to buy from brands that offer personalized experiences.
The study covered 23,730 consumers across 23 countries, including the Philippines.
To address these evolving preferences, the SM Group said it is enhancing customer service and experiences.
“At SM (department) Store, there’s always someone who will help you. There’s the personal shopper who is always ready to help the customers. Other than the assortment, offering the right value, and our ‘we’ve got it all for you’ strategy where we cater to all, excellent customer service is our competitive advantage,” Jonathan Ng, executive vice president at SM Retail, said.
“The advantages of SM are customer experience and service. These are ingrained in our culture. We invest in programs, locations, and products that cater to our varied demographics,” Ng said. SM Home, a retail brand of the group, is also improving its store displays and signages to help shoppers navigate its stores. It is renovating its flagship store, SM Makati, in its bid to elevate customers shopping experience through better store design and display.
“Our main thrust when it comes to customer service is to go beyond the standards. We are proud of how we curate our services. It’s very personalized as much as possible,” SM Hotels Senior Vice President for Operations Catherine Nepomuceno, said. SM Hotels said it uses a guest experience management software to measure and assess the feedback of their guests, identifying trends and addressing concerns proactively. They also recently introduced a digital platform where guests can easily request for what they need, be it extra pillows, extra slippers or even room service with expected speed and efficiency. VG Cabuag
THE Securities and Exchange Commission (SEC) has received a good housekeeping mark from the Commission on Audit (COA) for its financial statements in 2024, marking a seven-year streak of unmodified opinions under the leadership of its chairman Emilio B. Aquino.
The SEC said it has received confirmation that the COA rendered an unmodified opinion, also known as an unqualified opinion, on the fairness of the presentation of the agency’s 2024 financial statements.
An unmodified opinion is given when auditors conclude that the financial statements are free from material misstatements, which could arise from either error or fraud, according to the International Public Sector Accounting Standards.
“As corporate registrar and capital market regulator, it is only fitting that the SEC uphold the highest standards of transparency and accountability in the management of public funds,” Aquino said. He is the first certified public accountant and lawyer to serve as SEC chairperson. Aquino’s term expired on Thursday.
“This affirms our steadfast commitment to transparency, accountability, and sound fiscal management in serving the public trust. We hope that by leading by example, the corporate sector is able to follow suit in exercising sound fund management in their overall operations.”
The SEC also received an unqualified opinion on the fairness of presentation of its financial statements for the years starting 2018 to 2023. This stands as the longest streak of unqualified opinions the SEC has received over the past decade.
“The commission has continuously advocated for good governance and transparency in handling funds to build and maintain public trust in the institution.”
Following the nomination of COA, the SEC was named an Outstanding Accounting Office by the Association of Government Accountants of the Philippines twice in 2021 and 2023. Aquino was also given the Accountancy Centenary Award of Excellence during the accountancy profession’s 100-year anniversary this year. VG Cabuag
SECURITIES and Exchange Commission Chairman Emilio B. Aquino. NONIE REYES
A DALIAN train in operation. PNA FILE PHOTO
Banking&Finance
Vigilance urged as bill may slash tobacco tax
ADVOCATES flagged law -
makers who could allegedly insert a “killer amendment” that would lower tax rates on tobacco product using a Senate bill aimed at hiking excise taxes on heated tobacco and vape products.
The Sin Tax Coalition (STC) warned last Thursday that the insertion of lower tax rates on tobacco can happen at any stage in the legislative process involving Senate Bill (SB) 3002, especially during the bicameral conference committee hearings.
“We thus call on Senator Sherwin T. Gatchalian to be true and to be accountable to his word,” the group said through a statement. It quoted Gatchalian as purportedly having said: “As long as I’m the Chairman of this Committee, I will not agree to include that cigarette provision in the bicam report.”
The organization issued its statement after Gatchalian, the chairman of the Senate Ways and Means Committee, filed SB 3002, which proposes applying a unitary excise tax of P66.15 per milliliter for nicotine salt or salt nicotine and conventional “freebase” or “classic” nicotine.
The bill also proposes the imposition of the specific tax on vapor product devices at P120.00 per device and heated tobacco product (HTP) devices at P500.00 per device. It also seeks to impose penalties for the manufacture, importation, sale, distribution and possession of flavored vapor products.
The excise tax rate on HTPs will also be increased from P35.83 to P41.00 per pack of 20 units or packaging combinations of not more than 20 units.
“We have basis to fear that SB
3002 will inadvertently or mindfully be used to insert the killer amendment of lowering tax rates as blatantly demonstrated by the House version of the bill, HB 11360,” the group said.
HB 11360 was proposed to lower the tax rates for cigarettes and vape products to 2 percent every evennumbered year starting in 2026 and by 4 percent every odd-numbered year from 2027 until 2035, from the annual 5 percent increase.
This was aimed at curbing the illicit tobacco trade in the country, which has cost the government P138.6 billion in the past three years.
Gatchalian said that during a hearing on the proposed measure, his committee will no longer address the provisions related to cigarettes in the bill.
“Lowering taxes won’t curb illicit trade; stronger enforcement will,” the Senator was quoted by the Coalition as having said.
The group said that HB 11360 will result in “huge” revenue losses for the government and make harmful cigarettes cheaper to the public.
The coalition also estimates that lowering tobacco tax rates through HB 11360 will result in at least two million new smokers.
“We urge him (Gatchalian) and all Senators to oppose any insertion of any provision that will effectively lower tobacco tax rates,” the group said through the statement.
The organization vows to “be vigilant and active in stopping any malicious attempt to introduce legislation that will lower tobacco tax rates at a time that the economy is undergoing a serious fiscal problem and smoking prevalence is rising.”
Alberto
Reine Juvierre S.
Been there, done that
IHAVE used the colloquial expression “been there, done that” time and time again, referring only to my familiarity with a particular situation, activity, or experience. I then realized after reading more about the term that it can be a double-edged sword: on one hand, this can cause complacency; on the other, it can also encourage change and innovation to thrive in an ever-evolving landscape.
Associations have a wealth of experience and expertise in their respective fields, e.g., they’ve tackled challenges, achieved milestones, and accumulated knowledge over the years. This experience is invaluable and should not be underestimated.
On the flipside, excessive reliance on past successes and practices can lead to complacency and stagnation. Associations that are too comfortable with the status quo may resist change, hindering their ability to adapt to new trends, technologies, and member needs.
To avoid falling into the trap of complacency, associations can take these proactive steps:
1. Continuous learning. Associations should prioritize a culture of continuous learning and improvement which includes staying informed about industry trends, emerging technologies, and evolving member needs.
2. Member feedback. Associations should actively seek member feedback and input as members’ changing expectations and preferences guide the association’s evolution.
3. Innovation. Associations should embrace innovation and experimentation, e.g., exploring new event formats, digital tools, AI, or engagement strategies to stay fresh and appealing.
Calamity funds issued to NG agencies hit ₧2.389B in May
By Reine Juvierre Alberto @reine_alberto
CALAMITY funds released to national government agencies amounted to P2.389 billion as of the end of May, as it bankrolled rehabilitation projects affected by disasters.
According to the Department of Budget and Management (DBM), government agencies only began tapping the National Disaster Risk Reduction and Management Fund (NDRRMF) in May.
DBM data showed a total of P2.389 billion has been disbursed to state agencies three key state agencies.
Broken down, the Department of Public Works and Highways (DPWH) received P338.336 million to support the rehabilitation of infrastructure projects in the Municipality of Tingloy, Batangas, damaged by Typhoon Carina in 2024.
Calamity funds may be used
US
Treasury rally eases on investor cautiousness
for aid, relief and rehabilitation efforts to communities, as well as to repair and reconstruct damages from natural or human-induced calamities within the current or past two years.
Meanwhile, the Department of National Defense was allotted P303.196 million to cover the additional funding requirements for the Office of Civil Defense’s quick response fund (QRF). The latter is a built-in budgetary allocation or stand-by fund for agencies to immediately assist areas affected by catastrophes and crises.
The Department of Social Welfare and Development was given P747.696 million for the replenishment of its QRF this year. The DPWH also obtained P1 billion to top up its QRF for the year.
If the QRFs of first-response agencies reach 50 percent or lower, they may file with the DBM a replenishment request, subject to the approval of the Office of the President. So far, a total of P18.610 billion remains in the account of the NDRRMF, which government agencies can still draw on until the end of the year.
About P1 billion of the NDRRMF consists of the People’s Survival Fund (PSF), an annual allocation to provide long-term finance stream for adaptation projects to increase the resilience of communities and ecosystems to climate change. Last year, the government released a total of P22.598 billion from the NDRRMF to finance relief and rehabilitation services caused by various disasters.
China’s income tax crackdown expands beyond ultra rich
CHINA is intensifying efforts to collect taxes on citizens’ overseas income, expanding its scrutiny to less wealthy individuals after targeting the ultra-rich last year, according to people familiar with the matter.
Officials are now scrutinizing a broad range of offshore income, including investment returns, dividends and employee stock options, said the people, asking not to be identified discussing private information. Investment gains can be taxed as much as 20 percent.
Tax service providers have seen a surge in inquiries in recent months from clients with less than $1 million in assets, a notable shift from last year’s crackdown that largely targeted individuals with at least $10 million. Chinese residents with offshore investments, especially in US and Hong Kong stocks, are a key focus of the tax authorities, one of the people added.
room to boost revenue by tightening tax collection on income that’s subject to individual income tax but hasn’t been declared by the taxpayer or identified by tax authorities, according to a person with knowledge of the matter, who asked not to be named speaking about confidential discussions. The ministry didn’t immediately respond to a request for comment.
Total income in the Chinese government’s two main fiscal books fell 1.3 percent year-on-year in the first four months of the year, while expenditure soared 7.2 percent. That prompted the budget gap to swell by more than 50 percent to upwards of $360 billion, the most ever for the period, according to Bloomberg calculations based on data from the Finance Ministry.
5. Collaboration. Collaborating with other organizations, industries, or stakeholders can bring fresh perspectives and opportunities for the association’s growth.
6. Leadership. Association leaders should lead by example, demonstrating a commitment to change and innovation. They sh ould encourage a culture of adaptability and openness.
In the same vein, associations must strike a balance between honoring their traditions and embracing innovation. While it’s important to respect and build upon the legacy of an association, it’s equally vital to recognize that change is inevitable and often necessary for continued relevance.
In the world of associations, “been there, done that” can be both a badge of honor and a cautionary phrase. Associations should celebrate their accomplishments and the wealth of knowledge accumulated over the years. However, they should never become complacent or resistant to change. The ability to adapt, innovate, and reinvent is what ensures associations remain vibrant, valuable, and impactful in a rapidly evolving world.
Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.”
Freeport Zone. The views he expressed herein do not necessarily reflect those of the BusinessMirror E-mail: bobby@pcaae.org.
4. Strategic planning. Associations should regularly revisit and update their strategic plan so it remains aligned with current realities and future goals.
ABy Aline Oyamada Bloomberg
RALLY in US Treasuries steadied, with investors cautious ahead of Friday’s jobs report and slightly paring bets on interest-rate cuts from the Federal Reserve.
Last Thursday the 2-year yield rose as much as two basis points to 3.89 percent, trimming a steep decline in the previous session triggered by softer-than-expected US economic data. Traders still fully priced two quarter-point cuts from the Fed this year, but trimmed wagers on a third move.
Investors are awaiting US nonfarm payrolls data to gauge the outlook for monetary policy. Data earlier this week showed hiring in the private sector decelerated to the slowest pace in two years, but some analysts say that’s not enough to trigger sustainable gains in Treasuries.
The data “weren’t so bad as to revive fears about a recession,” said Henry Allen, a macro strategist at Deutsche Bank AG, about this week’s
figures. Investors also seem reluctant to over-interpret data on a single day given the “big test” is coming with Friday’s US jobs report, he said.
Long-dated Treasuries were slightly up after a sale of Japanese 30-year bonds wasn’t as bad as many investors had feared. Still, US bonds lagged gains in European peers as investors remain concerned about the nation’s widening deficits.
The US 30-year yield fell two basis points to 4.86 percent on Thursday, but was still up more than 20 basis points since the start of May.
The move follows Moody’s Ratings stripping the nation of its last toptier credit score and the US House of Representatives passing a multi-trillion dollar bill extending President Donald Trump’s tax cuts.
“Fiscal concerns in the US will prevent any meaningful rally,” said Mohit Kumar, chief European strategist at Jefferies International. He expects 10-year yields to trade in a 4.25 percent to 4.75 percent range despite softening economic data.
“If we rally toward 4.25 percent in 10s we would use that opportunity to reset a short position.”
The State Taxation Administration didn’t immediately respond to a request for comment.
Chinese authorities are seeking to boost fiscal income and narrow a record budget deficit as Beijing has ramped up stimulus to counter US tariffs. Local governments are pressed for revenue as a protracted property crisis and deleveraging has meant they can no longer rely on land sales or excessive borrowing to fund their spending.
At the same time, Chinese investors have been shifting more wealth overseas as the economy has struggled and after a crackdown on private enterprise. President Xi Jinping’s push for “common prosperity” has also dented confidence, though the Chinese leader has recently made a high-profile push to shore up confidence among entrepreneurs.
Mainland investors have poured about HK$658 billion ($83.9 billion) into Hong Kong-listed stocks via the cross-border trading link so far this year, according to Bloomberg calculations, more than double the outflows for the same period last year.
China’s Ministry of Finance sees
Tax bureaus in Beijing, Shanghai, and provinces such as eastern Zhejiang have urged residents to check their overseas gains and make tax declarations by June 30, when the reporting season for 2024 income ends, according to notices seen by Bloomberg as well as public statements. Local authorities have acted in concert since at least late March after their big data analysis discovered some residents had failed to declare their offshore gains for taxation, according to government records. In cases publicized by the tax offices, the amount that residents were asked to pay back in overdue tax and fines was as low as 127,200 yuan ($17,720).
China’s tax push also followed its 2018 implementation of the Common Reporting Standard, a global information-sharing system aimed at preventing tax evasion. While local regulations always stipulated that residents be taxed on worldwide income, including investment gains, it had rarely been enforced until last year. Under the CRS, China has been automatically exchanging information with nearly 150 jurisdictions about accounts belonging to people subject to taxes in each member country for the past few years. Bloomberg News
‘Tax bill would dampen, not quash, clean energy’
By Olivia Raimonde & Amanda Kolson Hurley Bloomberg
Octavio Peralta
The Chichacorn Mentality
LAST weekend, I dropped by the Food Festival hosted by the Department of Trade and Industry (DTI) at the Megatrade Hall of SM Megamall.
On my way there, I was excited at the opportunity of discovering new food finds from about 250 small local businesses. Unfortunately, I went home disappointed, with my medium-sized ecobag not even half-filled with what-I-had-hoped-for goodies.
Going around the trade hall (and I did this three times, mind you, just to make sure I didn’t miss anything fascinating that would please the palate), I was confronted with so many kiosks selling the ubiquitous cornicks instead. These are boiled and sun-dried corn kernels then deep-fried to a crunchy texture. At the food hall, they came in all sorts of flavors—cheese, adobo, barbecue, along with the original salt and garlic.
And all this time I was thinking that the DTI had a One Town, One Product (OTOP) policy. Judging from the array of cornicks before me, it was probably more a five-towns-one-product policy. OTOP is supposed to encourage micro, small and medium enterprises (MSMEs) to help develop unique products that are marketable and sellable to the public.
Yet it felt like a flashback to the old Marcos Sr.’s Cottage Industry Development Program, where the main goal was to create livelihood opportunities for the unemployed. The Marcos Sr. era program kept these cottage-industry businesses small, low paying, and with very little or no added value to their products.
In the case of cornicks, the most value created by the DTI for them seems to be the product’s renaming to “chichacorn,” in a bid to imbue it with the same qualities as our beloved pork chicharon
Except for a few standouts, many of what MSMEs sell still seem to be stuck in basic product development, with its owners just happy with what little income they get from these. They are hardly inspired or trained to evolve their products into higher-valued, more marketable goods that can generate demand not just from Filipino consumers but from export markets as well.
MSMEs account for about 99 percent of the country’s registered private businesses, and yet they remain where they are due to the lack of inspiration, research and development, training and, yes, capital. The same can be said of larger firms—they, too, because of their immensity, can get complacent in their position in their respective industries (and their profits), so they fail to invest in creating new or better products.
As an example, a while back there was an explosion of demand here in Manila for a popular salted-egg potato chips brand manufactured in Singapore. Why not one of our large snack-food makers ever thought of developing the same, when we have a large duck and salted egg industry, is a mystery to me. And considering that the firms’ wealthy owners are welltraveled, it behooves me that most of their chichiria remain in the salted-, barbecue-, and cheese-flavor profiles.
Of course, by the time these firms started selling their own versions of the chips, along with the lower price point, the fad had already passed. Now a few of them are moving toward truffle chips, just in time that it’s now almost out of fashion.
Meanwhile, among MSMEs, they tried producing their own fish skin crisps (still trying to replicate the popular Singapore chip brand’s foray into it), but they just couldn’t get the flavors right. I suppose because these are smaller businesses, they have less access to the flavor powders needed to punch up the taste of the fish skin. I’ve tasted a lot of these crispy fish skins over the years, every time I’m out in the provinces buying pasalubong, and “malansa” is the only flavor profile they have.
But you know how fish skin can be used better? These can be temporarily applied to burns to speed up healing and reduce the patient’s pain. It also means less medication allowing the burn patient to be released faster, thus reducing hospitalization expenses. This gives higher value to what is basically a waste product of the local fishing industry. But are we doing this already? Where’s our own R&D on this?
It’s not just the food industry that is weighed down by this Chichacorn Mentality. It has infected the country. Very small-minded thinking that leads to fast cash for a few, and no motivation to impacting and uplifting the entire economy.
Take the Edsa Rehab project, which fortunately for motorists has been temporarily suspended by the President. While the project’s intent is laudable— finally paving over and repairing the 24-kilometer aging highway—it doesn’t address the basic need of Metro Manila residents, i.e., the need for an orderly mass transportation system.
The reason the highway has to be rehabilitated is that not only is it old, but there are just too many vehicles traversing it. And yet we all know how the repairs will go; it will take too long and use substandard materials, yet make lots of money for contractors and the government officials that will award the suspicious bids. Along with poor maintenance, that will likely mean another Edsa rehab in a few short years.
The reason Metro Manilans keep buying cars is
because we don’t have reliable public transport. Go to Hong Kong, Singapore, London, New York—hardly anyone drives cars—most citizens use mass transport systems, whether these be trains, subways, or buses.
I use the MRT and LRT often, and I make it a point to leave, say, Makati by 4 pm to beat the rushhour cramming of people in the coaches. In better developed economies, they are able to accommodate rush-hour passengers quite easily because there are more trains that are deployed at shorter intervals.
And while I’m grateful Transport Secretary Vince Dizon has eliminated the X-ray machines at the MRT stations, thus cutting the passenger queues, will commuters get more trains so they don’t have to elbow each other to squeeze into each coach?
It’s infuriating when pressed into this situation, but we must understand—workers just want to get home to their families faster. That’s why they use the the railway. (By the way, I noticed that, postpandemic, the MRT trains are hardly cleaned after disgorging passengers at the TriNoma North Station.)
Lately, this paper has reported the declining tourist arrivals in the country. As of April, the Philippines attracted just 2.1 million arrivals.
(Compare this to Vietnam, which already hosted over 6 million tourists in the first quarter of 2025, exceeding the total number of visitors in the Philippines in 2024.)
Our sources tell us that Department of Tourism officials are now in “alignment” meetings with their foreign tourism officers and regional officers to address the issue. But shouldn’t they have done this last year, when they already missed their 7.7-million target? Weren’t those warning bells already?
Again, the Chichacorn Mentality is at work here. Small ideas that haven’t amounted to any significant changes in the lives of those in the tourism industry. For instance, DOT changed the country’s slogan to a
Eugenia Last
VIRGO
else to lead the way. ★★★
LIBRA (Sept. 23-Oct. 22): Take a short trip or get together with old friends. Prioritize learning something new that can help you advance or head in a direction that excites you. Communication, sharing feelings and nurturing relationships that matter to you will brighten your day. ★★★
SCORPIO (Oct. 23-Nov. 21): Expect the unexpected and be ready to zigzag through whatever comes your way. Your ingenuity and ability to act quickly will help, but maintaining diplomacy and avoiding arguments will be necessary regardless of what you encounter throughout your day. Choose peace and love over chaos and discord, and walk away from useless disputes. ★★
SAGITTARIUS (Nov. 22-Dec. 21): Tidy up loose ends, and plan to relax. Spending time with someone you love or working on a project that brings you joy will help you find peace of mind. Refuse to let an unexpected change throw you off guard. Do your own thing, and don’t get disgruntled over what others do. ★★★★
CAPRICORN (Dec. 22-Jan. 19): Attitude is everything if you plan to advance. Consider what and who matters most to you, and develop an understanding that keeps you moving in the same direction. There is safety in numbers, so build a strong and diverse team to handle whatever comes your way. Keep your costs down. ★★
AQUARIUS (Jan. 20-Feb. 18): Make
‘Smiley’: Loud love and more
A“WALKING cliche” because he is so good looking, Alex is a bartender whose boyfriend has ghosted him. He persists, however, and in one of those calls he misdials the number, which connects him with a 36-year-old architect, Bruno. A movie fanatic, Bruno calls back Alex to tell him that he dialed the wrong number. They decide to meet up in the bar where Alex works.
On the side, the mother of Alex has been setting up her boy with Ibra, a lovely man from Senegal.
In the bar, Vero, who co-manages the place, is leaving for Ibiza. Javi, who is Vero’s business partner, is worried he will be left alone in the bar. There is one more problem: Vero has not informed Patri, her girlfriend, about her plan. Javi in the persona of the drag performer Keena Mandrah does the revelation, which shocks both Vero and Patri.
As Patri rushes out of the bar, she bumps into Bruno who just arrived. Alex looks at the direction of the door and half-wishes it is not his “man” but the one entering is holding a book, as Bruno promised as a sign to Alex. At the bar, Ibra sits looking at Alex who is now caught between meeting this man he does not have any idea about and chatting with the sexy Ibra.
Right from the opening scene, one immediately realizes the characters in this Spanish limited series
rattle away their dialogues, as their sentences bleed into each other, as the persons talking appear to finish each other’s phrases. The exchange is rapid and frenzied and there is no difference when they are not in agreement with each other or are conflicted.
The fact is the initial encounter between Bruno and Alex is not congenial; if they are talking, there is no warmth there but words being thrown at each other. Whether he is trying to make an impression, Bruno does overtalk as he recalls quickly his autobiography to Alex who, in turn, pretends to look interested at first. Alex tries to shift the topic to gym and working out but Bruno seems lost with that topic.
At a certain point, Bruno talks of another place, something quite different from the bar where they are at present. Alex becomes curious but a bit guarded as he inquires what kind of bar or cafe Bruno seems to be interested in. Would Bruno want him (Alex) there?
As Bruno searches for a word to describe that place that he prefers, he manages to drop the term “postureo.” Alex hears this and in a voice more confrontational, asks Bruno if he thinks the clients in Alex’s bar are merely “posing” or “pretending.”
This was my problem with this series titled Smiley and this was its almost subversive way of creating personas that were physically attractive but despicable—or, to the very least, are made to act less desirable. It is as if the gay male or female has to be imperfect if only to create a drama.
This subtle jab at humanity at least extends to the heterosexual couple, Albert and Nuria. In the home of Albert, the family has secured a nanny who upon arrival turns out to be wearing a hijab or veil, signifying she is a Muslim. Albert, the man of the house, insists on gender-neutral pronouns for his children but Nuria, the wife, is more democratic than Albert. Left alone with the nanny, Albert asks her where she comes from. The nanny answers “here,” meaning she is locally hired. But Albert repeats the
question, to refer to “neighborhood” or where exactly is the home of the nanny. The latter sees through the question and utters: “progressive but old-fashioned.”
How would this encounter between Bruno and Alex turn out?
As happens, Bruno gives up on Alex and storms out of the bar. Alex calls Bruno a “snob” (on his phone, Alex gives Bruno a name: “pedant”) because he just does not talk about film, he has to enumerate names of directors, etc. “The black-and-white ones!”Alex screams. But Alex would not let him go. It has ceased to be a battle of wits but now a battle of egos, then of class structures. The two, as a matter of course, end up having sex in the storage area of the bar. The next morning, they wake up together. Awkward and in a series of flashforwards, a series of what-ifs take place but eventually they part. Will they meet again? If so, will they be happier, without references to obscure Japanese folk beliefs like the red thread of fate, which links lovers, wherever they go and whatever they do, and even if Bruno discovers that Alex is familiar with some inscrutable titles like Howard Hawks’ Bringing Up Baby As Bruno and Alex, respectively, Miki Esparbé and Carlos Cuevas have oodles of charm that you could forgive them as they speak with the rhythm of machine guns. The rare moments their characters are left to stand to look at each other makes you long for more of those pauses, when you would want to read their eyes, or even try to find the words that are left unsaid by those lips. We experience these silences and stillness in the other characters, like that of Ramiro, the friend of Alex’s late father, who drops by to visit Rosa, Alex’s mother. He is one sad character in this film. Smiley is based on a play by Guillem Clua. It is directed by David Martin Porras and Marta Pahissa. It streams on Netflix. ■
SEAN ‘DIDDY’ COMBS PAID TO HIDE CASSIE BEATING VIDEO BECAUSE HE FEARED CAREER RUIN, WITNESS SAYS
NEW YORK—Soon after viciously attacking his longtime girlfriend Cassie in a hotel hallway, Sean “Diddy” Combs sought out a security guard and predicted accurately that his iconic career would be ruined—his image as the affable, successful “Puff Daddy” destroyed—if video of the beating ever became public. Eddy Garcia, 33, testified on Thursday that the hip-hop mogul made the comment repeatedly before giving a brown paper bag stuffed with $100,000 in cash to the then guard, in order to buy what he hoped was the only copy of surveillance footage of the March 2016 assault.
Prosecutors at Combs’ sex trafficking trial in Manhattan have made the footage of Combs kicking, beating and dragging Cassie at the Intercontinental Hotel in Los Angeles a centerpiece of their federal case against him. They contend it supports the claims of three women, including Cassie, who allege the Bad Boy Records founder sexually and physically abused them over two decades. Prosecutors say Combs’ persistent efforts to hush up the episode fit into allegations he used threats and his fortune and fame to get what he wanted. Combs, 55, has pleaded not guilty to sex trafficking and racketeering charges. After the attack, Garcia said, he spoke several times to Combs’ chief-of-staff, Kristina Khorram, telling her he couldn’t show her the recording but “off the record, it’s bad.”
MAIN MISTRESS
THE beauty queen was the main mistress of a rich and married politician decades ago. She was really considered his unofficial wife. Pretty soon, he started seeing other women. They were either starlets or beauty queens. Eventually, the beauty queen realized that the politician would never leave his wife for her and so she moved on and eventually married someone else. To the beauty queen, the biggest threat to her being a mistress was a very young girl who came from a reality show. The rich politician really fell in love with that girl.
HE LIKES ‘EM YOUNG
THE politician is high-profile but very private at the same time. Long separated from his wife, the politician loves women and he prefers them to be semi-celebrities and young. His wife left him because he was a womanizer. After that, he had a string of girlfriends. One was a social media influencer who milked him for money. They broke up after she got what she wanted from him. Right now, he is allegedly dating a beauty queen. She is, of course, young and beautiful. By the way, when he married his wife, she was also young and beautiful.
REMAKE
HOW true is the rumor that a big studio will do the Filipino remake of a super popular Korean drama? And if that studio is doing the remake, the lead stars will be a popular loveteam. The guy is very popular not just because of his looks but also his family background. As an actor, he is a bit inexperienced but the role in the Korean drama, if there will indeed be a Filipino remake, is something he could handle if he goes through acting workshops. Meanwhile, the girl is his screen partner and she is quite popular.
THE DOCTOR IS OUT
THE starlet has gone through a lot of cosmetic enhancements, many of them surgical. In the beginning, she looked good but eventually things started going downhill. In her recent public appearances, many have noticed that the starlet looks very mature for her age. Her face looks very sharp. Others say she is unrecognizable. The starlet reportedly changed doctors and the doctor she has now is notorious for doing certain looks for their patients. Let us just say that those looks aren’t flattering.
DENNIS TRILLO, JENNYLYN MERCADO TEAM UP FOR GMA PRIME’S EXPLOSIVE NEW SERIES
‘SANGGANG DIKIT FR’
GET ready for an adrenaline rush as GMA Network kicks things into high gear with its newest action light drama series Sanggang Dikit FR a gripping new series packed with suspense and heart-stopping twists that blends with a healthy dose of humor and witty banters. It premieres this June 23 on GMA Prime. Leading the series are real-life couple Dennis Trillo and Jennylyn Mercado. Known for their undeniable onand off-screen chemistry, viewers will get to see another mix of heartwarming and unexpected comedic scenes. Jennylyn stars as Roberta “Bobby” Enriquez, a bubbly but highly competitive police woman. Alongside her is Dennis, who plays the role of Antonio “Tonyo” Conde, a skilled policeman who loves to improvise when it comes to solving crimes. Both burdened by personal losses, Bobby and Tonyo are brought together when a high-profile murder happens involving people who are very close to them. Will the case be closed while solving it apart? Or will their buddy-cop relationship help them heal from their past?
He said during one phone call she put a “very nervous”-sounding Combs on the phone, who “was just saying he had a little too much to drink” and that, as Garcia surely knows, “with women, one thing leads to another and if this got out it would ruin him.”
Garcia added: “He was talking really fast, a lot of stuttering.” In the evening, Garcia said, he became nervous and scared when Khorram called him on his cell phone—the number for which he had not provided—and she put Combs on.
“He stated that I sounded like a good guy,” Garcia testified, adding that Combs again said “something like this could ruin him.”
When he told Combs he didn’t have access to the server to obtain the video footage, Combs said he believed Garcia could make it happen and that “he would take care of me,” which Garcia said he took “to mean financially.” Garcia said he checked with his boss and was told he’d sell it to Combs for $50,000.
When he told Combs, he said the music producer “sounded excited.”
“He referred to me as ‘Eddy my angel,’” Garcia said, adding that Combs told him: “I knew you could help. I knew you could do it.” Within two days of the attack on Cassie, whose real name is Casandra Ventura, Garcia gave Combs a storage device containing the footage in exchange for $100,000 in cash—with Combs feeding bills through a money counter and putting them in a brown paper bag. AP
The series also stars veteran actors Roi Vinzon, Al Tantay and Nova Villa, together with Allen Dizon, Jeffrey Santos and Marina Benipayo. Also in the cast are Joross Gamboa, Liezel Lopez, Juancho Trivino and Sam Pinto. Joining them are rising Sparkle stars Chanty Videla, Zonia Mejia, Kim Perez, Matthew Uy, Seb Pajarillo, John Vic De Guzman. The series also features the special participation of social media influencers, including Abdul and Marsy, Chef Abi, Shernan, Zaito. The series is produced by the GMA Entertainment Group, headed by officer in charge and vice president for drama Cheryl Ching-Sy, assistant vice president for drama Ali Nokom-Dedicatoria, and senior executive producer Mary Joy Pili.
Directed by LA Madridejos alongside associate director Kevin De Vela, Sanggang Dikit FR turns the spotlight onto themes of courage and loyalty in the pursuit of justice. When it comes to love and relationships, where does loyalty stand when trust is broken and the truth turns personal?
Sanggang Dikit FR airs from Monday to Friday at 8:50 pm on GMA Prime. Global Pinoys can also watch the program via GMA Pinoy TV.
DENNIS TRILLO and Jennylyn Mercado star in the upcoming GMA primetime series.
Hotel101, KSA’s Horizon Group partner to develop 10,000 keys
Hotel101 Global (Hotel101) is pleased to announce the signing of a Joint Venture Partnership Agreement with Horizon Group (Horizon) as the main partner for Hotel101’s expansion into the Kingdom of Saudi Arabia with a vision to introduce the fast-growing Hotel101 Brand and develop up to 10,000 rooms which is expected to translate to about US$2.5 Billion (Php137.5 Billion) in project value. An initial five locations for Hotel101 projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha and Alula.
Hotel101’s global “one room” hotel chain is poised to disrupt the tourism industry by offering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings unbeatable efficiency, especially for the value segment so customers know exactly what to expect wherever they may be in the world. Hotel101’s asset-light “condotel” business model is designed to scale efficiently while maximizing value for both unit owners and guests.
The partnership unites Hotel 101’s high-efficiency HappyRoom concept and condo-hotel funding model with Horizon’s deeply rooted market expertise and expert connections in the region.
“We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a
Sharbatly in Medina, Saudi Arabia and witnessed by Edgar “Injap” Sia II, DoubleDragon Corporation Chairman and Hotel101 Founder; Khaled Sharbatly, Chairman, Horizon Group; Wael Daqal, Board Member, Horizon Group; Hisham Al Ansari, Board Member, Horizon Group; Rodolfo “Pong” Ponferrada, DoubleDragon President and Hotel101 Global Executive Chairman and Matthew Morio, Hotel 101 Global Director for Strategic Partnerships MEA
significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of one million Hotel101 rooms worldwide,” said Hotel101 Global Founder
Edgar “Injap” Sia II.
“We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101. We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally,” said Hotel101
CEO Hannah Yulo-Luccini.
“With Hotel 101’s rapid-build model and Horizon’s local know-how, we will add 10,000 quality, affordable rooms across the Kingdom—supporting Vision
2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.” said Horizon Group CEO Abdulrahman Sharbatly. Hotel101 recognizes the strategic opportunities presented by the Saudi market and its Vision 2030 plan. Hotel101 is committed to rolling out a standardized and predictable Hotel offering on average 500 rooms per site which can cater to the evolving and growing demands of the Saudi market.
In 2023, Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists breaching the 100 million visitor mark. A total spend of USD67 billion showcased the robust tourism sector of Saudi Arabia. This is in line with the target of reaching over 150 million tourists by 2030. This provides substantial opportunities in support services and infrastructure in areas such as hotels, shopping, F&B and transportation.
Nutriasia Execs Visit PHL Embassy in Washington
Back to School
SWaves for Hope: Art & Collectible Launches fundraiser for Marginalized Communities
IN response to the pressing need for inclusive and sustainable community development, JCI Manila officially launched
“Waves for Hope” at the historic Centro de Turismo in Intramuros, a unique art and collectible fundraising exhibit that champions creativity, advocacy, and commitment for marginalized communities.
Co-curated by Art Corner PH, the event was made possible through the generous support of partner organizations: Intramuros Administration, Arigatoys Collectibles, Mira Art Gallery, León Gallery, and Leica Philippines. More than a fundraiser, the launch also introduced the vision for the JCI Manila Foundation, a platform being developed to ensure continuity and sustainability for the organization’s legacy initiatives.
Waves for Hope supports longstanding and vital programs, beginning with the Smokey Mountain community, one of Metro Manila’s most underserved populations. For over a decade, JCI Manila has championed efforts in the area, including education, sports development, child protection, and the creation of the Smokey Mountain Learning Center, a safe space empowering hundreds of children and families.
Also benefiting from the initiative is 2BIG Impact, JCI Manila’s flagship clean water program in partnership with Waves for Water. Since its inception in 2015, 2BIG Impact has delivered safe, sustainable water access to over 20,000 Filipinos through deep wells, filtration systems, and hygiene education.
This initiative reminds us that water scarcity remains a silent crisis—one that continues to affect health, education, and dignity in countless communities.
In his opening remarks, JCI Manila Executive Treasurer Carlo Delantar captured the heart of the campaign:“Waves for Hope is not just an exhibit—it’s a platform for impact. Through creativity, we extend compassion to communities that need it most.”
WHILE in the United States to participate in the SelectUSA Investment Summit 2025, executives from Nutriasia, makers of the Philippines best condiments and sauces, Angie Flaminiano, Nutriasia President and COO; Mario Mendoza, Nutriasia New Business Development and International Business Head, and Richard Rebollido, Nutriasia Senior International Business Manager, dropped by the Philippine Embassy in Washington D.C. last May 14, 2025 for a short courtesy meeting with Philippine Ambassador to the United States Jose Manuel G. Romualdez.
Philippine Commercial Counselor Kenneth Yap shared, “Nutriasia has a growing presence here in the US and we are very happy to know that our proudly Pinoy products like Mang Tomas All Around Sarsa and UFC Banana Sauce are winning over more consumers from this very diverse market. We look forward to working with the Nutriasia team to bring more of our rich cultural heritage to even more US consumers.”
Romualdez said, “I encourage and look forward to having more Filipino companies such as Nutriasia make inroads and gain a foothold in the United States. The Embassy stands ready to support efforts to seek more opportunities for partnerships that will introduce unique Filipino flavors to a wider audience and bigger market.”
The exhibit also introduced the vision for the upcoming JCI Manila Foundation, a long-term funding platform designed to sustain the organization’s legacy projects through integrity, transparency, and meaningful impact. The Foundation aims to support civic initiatives like Waves for Hope and other longstanding community partnerships in a more structured and scalable way.
Community Development Director Bobbit Castro followed with remarks on the chapter’s grassroots initiatives and the importance of consistency in civic engagement: “We cannot wait for change to arrive we must bring it ourselves. Every initiative, every partnership, and every piece auctioned here represents a step forward for the communities we serve.”
Guests also heard from artist-curator Sir Norlie Meimban, who spoke on the role of art in advancing social causes. The Waves for Hope Online Catalog proudly features a diverse collection of works by celebrated Filipino artists including Ramon Orlina, Bernardo Pacquing, John Perry Pelijera, Aner Sebastian, Renee Avila, Ela Andal, Ejem Alarcon, Binong Javier, Martin Maturan, Fitz Herrera, Obet Tiaño, Didier Alarcon, Chinnich Candao, Domeng Cruz, CJ Tañedo, Aldron Anchinges, Valerie Teng, Jane Ebarle, Angela Panlilio, Jonathan Hodder, Janddie Castilljo, and James Imperial.
Special recognition was given to toy designers Quiccs Maiquez and Gino Roberto, whose works bridge contemporary design and community advocacy—bringing youthful energy and collectible culture to the cause. For interested viewers, see the catalogue here. To continue the momentum, attendees were invited to the Waves for Hope: Art and Collectible Exhibit Grand Finale, scheduled for July 4 to 6, 2025, where the full collection will be publicly exhibited. Proceeds from the catalog will directly benefit the Smokey Mountain community and 2BIG Impact initiatives.
Subway’s Tuna Sub is a Zesty Summer Escape
THIS summer, Subway is taking your taste buds on a zesty getaway with the launch of its all-new Tangy Tuna sub.
Available for a limited time, extended until June 30, this fresh and flavorful twist on a classic delivers the ultimate beachside escape.
Crafted with zesty lemon and herb-seasoned tuna, the Tangy Tuna sub is further elevated with a delightful blend of roasted garlic, lime, and herb sauce, bringing an irresistible kick to every bite. Served best with Parmesan Oregano bread, it’s layered with crisp lettuce, juicy tomato, refreshing cucumber, briny olives, and crunchy white onion, making this sub a celebration of bright, fresh flavors that scream summer.
“These carefully selected ingredients showcase our commitment to offering unique and flavor-packed choices to elevate your dining experience at Subway,” said Aldrin Camero, Subway Philippines Marketing Manager.
“With its light, zesty profile, the Tangy Tuna is the perfect sub for hot summer days when you’re craving for something refreshing yet satisfying,” he added.
Crafted to transport your taste buds to the enchanting shores of the beach, this sub is the perfect companion for summer adventures—whether it’s a picnic in the park, a quick snack after a swim, or a road trip meal. Pair it with a cold refreshing drink, and you have the ultimate summer combo.
Perfectly complementing this limited-offer, customers can also get to save P30 when they get one Vita Coco along with their purchase of a la carte Tangy Tuna 12-inch sub. Don’t miss your chance to experience #SubwayTangyTuna— the must-try flavor of the season. Available in 6-inch sub (P200), 12-
Blues? Beware of the Rainy Season Boo-Boos
UMMER may be winding down, but a brand-new adventure for the kiddies is just around the corner —it’s back-toschool time. As kids swap beach towels for backpacks and chase new lessons instead of sunsets, parents know that school days come with their own set of challenges. And with the rainy season riding on their heels, extra health risks, especially for little tummies, may make a splash. From sneaky bacteria to sudden tummy troubles, it’s the perfect storm for an “Oops” moment. But no need to panic, Mom and Dad. To get ahead, this quick guide will walk through the key moments of vulnerability you might have to look out for this upcoming back-to-school season: Baon Gone Wrong Rainy school days often come with cravings for quick snacks—and kids are quick to grab whatever’s available, from canteen food to street eats or even sharing baon with classmates. While these treats may be tasty, parents often have no idea how they were prepared or stored. Without proper food handling, these snacks can become
breeding grounds for bacteria—turning a fun break into a stomachache waiting to happen.
Shared Spaces, Shared Germs With kids back in crowded classrooms and bustling playgrounds, sharing becomes second nature—whether it’s crayons, snacks, or, unfortunately, germs. In these busy spaces, bacteria can spread quickly through shared utensils, toys, or even by touching contaminated surfaces. One moment they’re high-fiving a classmate, the next they’re battling a surprise gut upset. Water, Water, Everywhere (But Not Always Clean!) School days are stressful enough, but throw in the rainy season, and things can get messier! Flooded streets, dirty water, muddy playgrounds, and damp school grounds raise the risk of contamination, affecting drinking water and school hygiene.
Stress and Schedule Shifts
Back-to-school season brings early mornings, homework, and extracurriculars—all of which can stress kids out. And when stress hits, the second brain, a.k.a. the gut, can take a hit too, leading to tummy troubles. That’s why supporting your kids’
gut is key to keeping them focused, energized, and ready to take on the school year. As the school bells ring and rainy days roll in, staying proactive about your children’s gut health is more important now than ever. From hectic schedules to shared spaces and street food cravings, the season brings plenty of tummy trouble triggers — but with the right care, they don’t have to miss a beat. Probiotics play a vital role in maintaining this balance. Erceflora Probiotics with billions of four-strain Intellispores is for all ages above six months old. It aims to aid in the enhancement of natural resistance to intestinal infections, the enhancement of intestinal ecology, the improvement of digestion, and the improvement of lactose malabsorption. Erceflora Gut Defense helps improve digestion with two billion Intelli-spores—especially during routine changes or travel. Erceflora Gut Restore delivers four billion Intellispores— one mini bottle per day for sevem days from the onset of gut infection symptoms or as directed by a physician. Remember, no matter how much you prepare your kids for school, life always happens! If symptoms persist, consult your doctor.
by your
For more information, visit
and Tiktok.
on
The agreement was signed by Hotel101 Global CEO Hannah Yulo-Luccini and Horizon Group Abdulrahman
In the photo are, from left, Obet Tiaño, Aner Sebastian, Fitz Hererra, Didier Alarcon, Chinich Candao, Ela Andal,Norlie Meimban, Ejem Alarcon, Binong Cruz, Domeng Cruz, Janddie Castillo
In the photo in the front row from left are Angie Flaminiano, Nutriasia President and Chief Operations Officer, Amb. Jose Manuel G. Romualdez, Philippine Ambassador to the US; Mario Mendoza, Head of New Business Development and International Business for Nutriasia. In the back row, from left, are Richard Rebollido, Nutriasia Senior International Business Manager; Hans Sibiran, Philippine Economic Counselor; and Kenneth Yap, Philippine Commercial Counselor.
www.businessmirror.com.ph • Editor: Tet Andolong
Motoring
MILD HYBRID IN A SMALL PACKAGE
Randy S. Peregrino
Smart Hybrid vehicles are a significant transition that bodes well for the future of green mobility. Now, the all-new Dzire joins the brand’s other Hybrid models on Suzuki’s drive for sustainable mobility in the country. Commissioned for the drive event were over 10 fresh top-spec GLX units. The destination was the relaxing La Jolla beach resort in Bataan. As usual, to make the drive more engaging, SPH incorporated an eco-run competition among participants. The goal was to have the least amount of fuel consumed in the over 185-kilometer drive distance.
Refined and redefined THE all-new Dzire Hybrid emerged with a more refined exterior. The completely redesigned front fascia features a chrome line accent on the grille. The pronounced grille now unites with the
multi-light LED headlamps, departing from its predecessor’s hexagonal grille with a chrome frame. Its new frame silhouette and formed body lines flow seamlessly into the fresh set of rear combination lamps. Those two-toned 15-inch multi-spoke alloy rims wrapped in 185/65 series rubbers matched well with the wheel arcs. Inside, the Dzire features a dual-tone interior trim with improved ergonomics and a driver-centric dashboard layout, as claimed by Suzuki. The GLX vari-
ant features a nine-inch touchscreen display with an audio system compatible with Apple CarPlay and Android Auto. Rear passengers will benefit from ample legroom and a foldable center armrest. The cabin also benefited from the improved-looking new seats, which featured larger bolsters for added stability. Interestingly, for a subcompact car, Suzuki did a great job of retaining the rear air-conditioning vents, along with accessible charging ports, allowing rear passengers to appreciate them.
ALLANA Faith Rufo has let the cat out of the bag: Not just 10,000-plus spectators came to watch the smashingly successful TOYOTA GAZOO RACING (TGR) Philippine Cup but more than 12,000. It was a record in local car racing lore as the event held May 23-25 south of Manila in Villar City, Bacoor, Cavite
sparked stunts, thrills and injury-free spills in the free-to-the-public event.
“The TGR, Toyota Motor Philippines’ (TMP) motorsports arm, has been committed to ‘pushing the limits for better’ through vehicle development in controlled environments,” said Rufo, the resident car racing writer from TMP’s well-equipped PR crew headed by Mixie Flavier. As earlier expounded by TMP’s executive vice president, Jing Atienza, the occasion gave the company a rare chance to provide outdoor happiness to family and clientele with a complete package of peace, harmony and unity through a racing festival that is “free of charge.”
Racers in Classes Novice, Sporting, Super Sporting and Legacy went wheelto-wheel in three contests in the 2.4-km long street circuit that has 14 turns, two hairpin curves and six chicanes, providing exciting track action for spectators.
I had written here last week about TMP President Masando Hashimoto’s accident that saw him miraculously escape injuries after his Vios hit the barriers and overturned. He emerged from his car practically unscathed. Not even a scratch.
“I lost my beloved Vios #4, but it saved my life,” Hashimoto said. “We racers experience crashes all the time, many times, which is part of racing, but I have seen first-hand the wonderful
New powertrain with SHVS technology
GONE are the previous K-series 1.2-liter engine paired with an AGS transmission. The latest generation Dzire now sports Suzuki’s new 1.2-liter, threecylinder Z12E engine mated with a CVT. It generates 81 hp and 111 N-m of torque, plus an additional push from the Integrated Starter Generator (ISG) motor, which is powered by a 12-volt lithium-ion battery.
Working as a power assist electric motor, the ISG generates 3.5 hp and a substantial 50 N-m of torque. Aside from acting as the conventional alternator, the mechanism’s primary function is as an electric motor assisting mainly during acceleration. Suzuki refers to it as the Torque Assist Function. In this case, the ISG helps the engine via a rubber belt.
SHVS in a compact frame
OF course, the drive’s objective was to test the SHVS technology in delivering both power and efficiency. Behind the wheel, the new Hybrid powertrain is no slacker and loves to rev. Never mind the slightly lower torque figures from the engine alone because the SHVS technology has it covered. The torque was there at low-end range, thanks to the ISG assist. But there was a need to squeeze
within the midrange when overtaking. Now paired with a CVT, cruising the freeway is where it shines. Despite the engine’s small displacement, the gearbox still managed to maintain a relatively low rpm in freeway speed limits. The vehicle’s behavior on the road was generally composed. Freeway runs were smooth, and the only rebounds felt were from road imperfections. However, the lower stance, combined with equal tire tread measurements, enabled the car to demonstrate good handling and control on zigzags. Tackling the constant turns while climbing the Mariveles roads was engaging, thanks to the soft and responsive steering. Throughout the drive, our team opted to do a real-world driving approach.
Spirited whenever needed, pushing while climbing, and occasionally reaching high-speed limits. These tests were conducted to assess how the vehicle would perform rather than solely focusing on fuel efficiency. So, when we reached the gas station to top up, our assigned vehicle had consumed 10.43 liters from a 185-kilometer drive. Still not bad at all. However, those groups that drove conservatively and patiently managed to consume only over seven liters of fuel.
Peace of mind
SAFETY remains a top priority with the All-New Dzire Hybrid, with six airbags now standard across all variants—including front, side, and curtain airbags for comprehensive occupant protection. It also comes equipped with an Electronic Stability Program
fact that Toyota cars are safe, robust and keep the drivers protected.”
Rufo said: “TMP has been utilizing the Vios One-Make-Race (OMR) especially converted for the TGR Philippine Cup (previously Vios Cup) for 11 years now, where it has been subjected to various racing conditions both in permanent and street circuits. It has been modified to fit racing standards, which includes the installation of a roll cage and racing seat with 5-point seat belts to ensure the safety of the racer. Racers are also equipped with fireproof racing suits, gloves and helmets with Head and Neck Support (HANS) devices.”
She added: “Toyota also applies the same safety standards to its road cars
with safety features such as Toyota Safety Sense, airbags and various control systems.”
The Tamaraw Racing Concept, a modified Tamaraw Dropside, also made its debut during the race weekend as the showcase vehicle during the Drag Race Exhibition.
The mobility company also showcased its lineup of vehicles through the Toyota Drive Fest with test drives; vehicle displays of its GR and GR-S, Hybrid Electric Vehicle (HEV), Tamaraw, and Lexus F SPORT lineups; and, event-exclusive promos on new vehicles. Customers were able to get discount coupons, which they used to purchase new vehicles.
Avaricio ends title drought
CHANELLE AVARICIO over came a nervy back nine, carding a closing even-par 71 for a six-stroke vic tory in the Ladies Philippine Golf Tour (LPGT) Forest Hills Classic on Thursday at the Forest Hills Golf and Country Club’s Nicklaus course in Antipolo.
Avaricio last won an LPGT trophy in 2023 when she rallied from eight strokes behind to edge Sarah Ababa by one in Negros Occidental.
The 27-year-old former Alabama State standout, who had a bogeyfree second-round 65 for a three-shot cushion entering the finale, was three under through 10 holes on Thursday before suffering bogey on No. 11.
Avaricio hit double-bogey on No. 14—she had to punch out from a tough lie and ended up three-putting—and birdied the 16th before making bo gey on the next hole.
Avaricio wound up with a 54-hole total of five-under 208, bagging P175,000.
Mafy Singson had a final-round 74 for a 214 total for second spot.
“It’s nice to win again. It’s been a long time,” said Avaricio Holding a four-shot lead heading to No. 18, Avaricio said she didn’t think much about her cushion. In stead, she focused on finding the fair way, reaching the green and calmly two-putting to seal the victory.
“I just wanted to keep myself grounded and finish the round strong,” said Avaricio, who expressed gratitude to her parents, friends, supporters and sponsors after snap ping out of a slump with the emphatic win—a triumph she credited more to hard work than motivation.
“I’ve been working hard and hop ing my game would finally come to gether in this tournament. It wasn’t really about motivation—it was more
CHANELLE AVARICIO has rounds of 72-65-71. NONIE REYES
about the effort and preparation I put in,” added Avaricio, who is set to resume her campaign in Thailand during the LPGT break.
A dominant force during the 2022 LPGT season, Avaricio later tested the waters in the US circuits before returning to local competition.
Avaricio was runner-up to Daniella Uy in Bacolod, missed cut in the ICTSIWWL Group Philippine Ladies Masters in February then later placed fifth at Pradera Verde and tied for fourth at Eagle Ridge.
In the final round, after Singson
the second hole.
Singson, the Eagle Ridge leg winner after edging Florence Bisera in a playoff, started strong but couldn’t maintain her momentum and struggled down the stretch.
Tiffany Lee carded an even-par 72 to finish solo third at 216 worth P66,000, while Mikha Fortuna turned in a 71 for fourth at 218.
Bisera shot a 72 to tie for fifth at 220 with Sarah Ababa, who slipped with a 76.
Martina Miñoza and Chihiro Ikeda matched 70s to share seventh at 221, while Princess Superal settled for ninth with a 74 for a 222.
Djokovic, Sinner set up semifinal duel
PARIS—A crucial moment arrived more than 2 1/2 hours into Novak Djokovic’s 4-6, 6-3, 6-2, 6-4 French Open quarterfinal victory over Alexander Zverev. It was the fourth set, and Djokovic led, but Zverev was in possession of a break point and a chance to get back into Wednesday’s match.
They engaged in a 41-stroke exchange, the longest of a buggy and breezy night, and Djokovic came out on top, smacking a forehand winner. He stayed in place afterward, breathing heavily, with hands on hips, scanning the standing ovation from thousands of Court Philippe-Chatrier spectators. He soon held serve for a 4-2 lead in that set and was back on track. Djokovic might be 38 now. He might have slogged through a pair of three-
match losing skids this season and slid to No. 6 in the rankings. What hasn’t changed is Djokovic’s determination or his ability to be his best on big stages—and now he’s two wins from a record 25th Grand Slam title.
Djokovic proved too much for No. 3 seed Zverev, a man who’s a decade younger and was last year’s runner-up at Roland-Garros, and set up a semifinal against No. 1 Jannik Sinner.
Djokovic is pleased to show himself, and others, he’s still got it
“I still push myself on a daily basis at this age because of these kind of matches and these kind of experiences,” Djokovic said. “It’s a proven kind of testament to myself that I can—and to others that I can—still play on the highest level.”
Earlier Wednesday, Sinner contin -
Erin Pangilinan, Sheena Toring, Pearl An Denura and Jerrymie Ann Turaray in the player pool. The field also has overseastrained players.
Last year, 23 from the 47 prospects were picked during the PVL draft.
La Salle will also be well-represented, with Alleiah Malaluan, Baby Jyne Soreno, Julyana Tolentino and Jessa Ordiales seeking spots in the pro league.
Adamson University’s May Ann Nuique, Ayesha Juegos, Jules Lopena, Aliah Marce, Kylene Villegas, and May Roque have all completed their draft applications as well.
Ateneo’s Alexis Miner and Lyann De Guzman, Far Eastern University’s Jean Asis, Chenie Tagaod, Ann Monares, and Lyka Bautista,
ued his overpowering run through the bracket by dismissing Alexander Bublik 6-1, 7-5, 6-0. Sinner not only hasn’t dropped a set so far, but he has ceded a total of only 36 games through five matches.
So Friday will bring a tantalizing showdown between someone many consider the top player in tennis history, Djokovic, and someone who is at the top of the men’s game at the moment, Sinner. They are tied 4-4 head-to-head; Sinner won the last three matchups.
“He has shown now, in the last period, that he is back,” Sinner said.
Djokovic has 24 major titles, and Sinner has won 3 of the past 5.
No one has spent more weeks at No. 1 in the rankings than Djokovic. No one has won more major championships or reached more major semifinals than
University of Santo Tomas’ Pia Abbu and Renee Penafiel, University of the East’s Riza Nogales, and University of the Philippines’ Nica Celis round out the University Athletic Association of the Philippines delegation.
Another UAAP-linked prospect is Angela Jackson, a former UP Integrated School spiker, who at 20 years old, is the youngest applicant in the draft class.
Two Filipino-American setters with notable overseas experience have also thrown their names into the mix: 6-foot-1 Alohi Robins-Hardy and Central Washington University standout Tia Andaya, both aiming to secure contracts and roles with PVL clubs.
From the National Collegiate Athletic Association, College of Saint Benilde’s Season 97 MVP Mycah Go leads a group of 17 players. She will be joined by Arellano’s
Kayla Nocum had a 76 for a 223 total, while Kristine Fleetwood stumbled with an 81, falling into a tie for 11th at 225 with Gretchen Villacencio, who shot a 75.
his total that now stands at 51 after becoming the second-oldest man to get that far in Paris. He also just claimed his 100th career tournament title, a week before the French Open.
“I just hope that I will be able to physically keep up with Sinner in few days’ time,” Djokovic said. “It’s a big challenge for me.”
Sinner, 23, has won three of the past five Grand Slam titles. That in cludes last year’s US Open and this year’s Australian Open.
“He’s playing fast. He’s playing smart,” Bublik said. “He’s in another dimension with all the aspects of the game.”
Also an apt description for Djokovic, who repeatedly used drop shots to great effect against Zverev.
As for Sinner, no one other than Carlos Alcaraz has been able to beat him in his last 48 matches, a stretch that dates to last August. Sinner is 46-2 in that span, with both defeats coming against the French Open’s defending champion.
And as it happens, No. 2 Alcaraz is still around. He will meet No. 8 Loren zo Musetti in Friday’s other semifinal. Djokovic and Zverev were both bothered by bugs during their match.
There were some distractions in Djokovic vs. Zverev, including a bunch of tiny flying insects that the players kept trying to swat away and a backand-forth between the chair umpire and some fans in the fourth set.
Needless to say, Djokovic handled it all much better. He also was supe rior in pretty much every way with the ball in play.
He was broken in the very first game—and then not again. He broke Zverev four times—no small feat against a guy broken a total of five times in his five previous matches.
“What do you want me to say? He’s won 24 of these things,” Zverev said. AP
GUIDO van der Valk shook off a shaky start to fire a fourunder 67 and gain a share of the lead as Reymon Jaraula held on with a 68 in the third round of the Philippine Golf Tour’s Forest Hills Classic here on Thursday.
Philippines-based Dutchman Van der Valk overcame the wobbly morn -
Kristine Adante, Cherry Mae Cuenca, and Pauline De Guzman; Letran’s Angelique Ledesma and Lea Tapang; EAC’s Jhan Pauline Fortuno and Jamaica Villena; JRU’s Maliey Amante, Karyla Jasareno, and Jerry Lyn Laurente; Lyceum’s Zonxi Jane Dahab and Joan Doguna; San Beda’s Jan Gregorio and Reyann Canete; San Sebastian’s Von Dimaculangan; and Perpetual Help’s Winnie Bedana. Four Fil-Canadian prospects are also part of this year’s final draft list: Yveian Orpiano (Concordia University of Edmonton), Reinali Calisin (Lawrence Technological University), Clara Serrano (Olds College), and Divine Cortez (University of Saskatchewan). Each of them will look to make a mark and secure a spot in the PVL, following in the footsteps of PLDT’s Savi Davison and Creamline’s Aleiah Torres.
Magnolia, NLEX clash for solo lead in Philippine Cup
By Josef T. Ramos
M
AGNOLIA and NLEX shoot for the solo lead when they clash on Friday in the Philippine Basketball Association Season 49 Philippine Cup at the Ninoy Aquino Stadium. Sharing the top spot with 7-2 winloss slates, the Hotshots and the Road Warriors collide at 7:30 pm.
Coach Chito Victolero said the Hotshots need the win over Road Warriors before their final elimination-round game against newly-upgraded TNT Tropang Giga next week. “We can not dwell on our defeat
to Ginebra. Securing a twice-to-beat berth is still in our hands, so we must prepare hard to get that,” Victolero said.
Newly-acquired William Navarro, who debuted with five points on 2-of-6 shooting from the field in Magnolia’s 81-85 loss to Ginebra last Sunday, will try to bounce back with the rest of the Hotshots headed by Paul Lee, Ian Sangalang and Zav Lucero. But the NLEX crew of coach Jong Uichico led by prolific guard Robert Bolick is eager to score back-to-back wins after routing Phoenix Super LPG, 105-95. The Road Warriors’ last elimination game is against NorthPort on June 11. Meanwhile, TNT is expected to
have newly-acquired Jordan Heading and Mike Nieto when they square off with Blackwater at 5 p.m.
The Tropang Giga, after losing their first three assignments, have won next last five games and are determined to extend the win streak. They have two more games left— Ginebra on Sunday and Magnolia on June 13—after their game against the Bossing. Blackwater has already been eliminated from playoff contention with a 1-7 record.
San Miguel Beer is in third place at 6-2, followed by Barangay Ginebra at 6-3, then Rain or Shine at 6-3 and TNT at 5-3. Converge (6-4) and Meralco (65) are in seventh to eighth place.
INTERNATIONAL Boxing Federation minimumweight champion Pedro Taduran delivered power punches in his successful title defense in Osaka, Japan to highlight a smashing campaign for Philippine bets in May. Taduran took care of business as he beat via split decision Ginjiro Shigeoka, the same Japanese dynamo he stopped and wrested the crown from in July 2024.
The 28-year-old southpaw (18-41, 13 KOs) kept his stature as one of only two Filipino world champions— the other being World Boxing Council counterpart Melvin Jerusalem—as he emerged victorious from this rugged rematch that led to Shigeoka sustaining an acute subdural hematoma. His gutsy performance against a tough rival on hostile ground earned for Taduran the honor as the Philippine Sportswriters Association’s top achiever for the fifth month of 2025. And the pride of Libon, Albay had good company in flying the country’s flag.
World No. 4 pole vaulter EJ Obiena scored a three-peat in the Asian Athletics Championships in Gumi, South Korea, clearing 5.77 meters in winning his jump-off against Chinese Bokai Huang. Annie Ramirez crowned herself two-time Asian Jiu-Jitsu champion in Amman, Jordan as she dominated over Kazakh Galina Duvanova in their duel for the women’s -57kg mint.
the tricky Nicklaus course.
“That’s the way to play this course—fairways and greens and make the putts,” said van der Valk, a multi-titled campaigner on the International Container Terminal Services Inc.-sponsored tour organized by Pilipinas Golf Tournaments, Inc. He admitted struggling early but found his rhythm from the sixth hole onwards.
“I three-putted early on and made another bogey,” he said. “But then I started hitting it really well from No. 6.” Jaraula also had his struggles off the tee but leaned on his iron game and putting to stay in front.
“My driving was a bit shaky compared to the first two days, but I made up for it with my irons and putting,” said the Bukidnon native, who won in Bacolod last year for his third tour victory. Heading into the final round tied, Jaraula is aware of the pressure but remains grounded.
“There’s pressure, but you have to handle it. Just stay focused and enjoy the game, like I did in the first three rounds.” he said. Aidric Chan turned in the tournament’s best round so far—a sizzling 64—to leap into solo third at 205, three strokes off the lead, putting the recent Asian Development Tour winner in striking distance of a potential first PGT win.
Defending champion Keanu Jahns got to a three-under through 11 holes but stumbled with a double bogey on No. 12 and bogeys on Nos. 14 and 15 before recovering with a birdie on the par-5 16th. He ended with a 71 and slid to fourth at 207. Angelo Que bounced back with a 67 to post a 209 total, tying Justin Quiban and Jeffren Lumbo, who carded rounds of 70 and 71, respectively. However, the back-to-back winner at Pradera Verde and Eagle Ridge will need a fiery final round—and a stumble from the joint leaders—to keep his hopes of a hat-trick alive.
GUIDO VAN DER VALK has six birdies against two bogeys. NONIE REYES
